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Middle East Escalation Causes Biggest Disruption To Global Oil Supplies: IEA
(MENAFN- The Peninsula)
QNA
Paris: The International Energy Agency (IEA) announced that Gulf countries are currently cutting their oil production by at least 10 million barrels per day amid escalating military tensions in the Middle East, causing the largest disruption to global oil supplies in history.
The agency, in a report released on Thursday, stated that crude oil production has fallen by at least 8 million barrels per day, with an additional 2 million barrels per day of petroleum products, including condensates, also halted.
It added that there are significant supply declines from Middle Eastern countries, warning that the military escalation in the region has led to the largest supply disruption in the history of the global oil market.
The agency expects global oil supply to drop by about 8 million barrels per day during March, with part of this shortfall potentially offset by increased production from non-OPEC+ member countries, as well as from Kazakhstan and Russia.
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