Global oil market faces largest supply disruption in history amid Middle East conflict: IEA

According to the latest Oil Market Report released by the IEA, crude and oil product flows through the Strait of Hormuz -- one of the world's most critical oil transit chokepoints -- have plunged from around 20 million barrels per day (mb/d) before the war to only a small fractio..

✨ Key Highlights

The International Energy Agency (IEA) reports the global oil market is experiencing its largest supply disruption ever due to the escalating Middle East conflict.

Estimated 8 mb/d drop in global oil supply for March.
Key organization: International Energy Agency (IEA).
IEA member countries agreed to release an unprecedented 400 million barrels from emergency reserves.

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