World faces largest-ever oil supply disruption on Middle East war, IEA says
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FILE PHOTO: A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo/File Photo
LONDON, March 12 (Reuters) - The war in the Middle East is creating the biggest oil supply disruption in the history of the global market, the International Energy Agency said on Thursday, a day after the agency agreed to release a record volume of oil from strategic stockpiles.
Middle East Gulf countries have cut total oil production by at least 10 million bpd - a volume equal to almost 10% of world demand - as a result of the conflict, the agency said in its latest monthly oil market report. Without a rapid restart of shipping flows, these losses are set to increase, IEA said.
(Reporting by Alex LawlerEditing by Tomasz Janowski)
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