World faces largest-ever oil supply disruption on Middle East war, IEA says

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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