Record oil supply disruption as Strait of Hormuz closes
The IEA says the Strait of Hormuz closure has cut global oil supply by 8 million barrels per day. Members will release 400 million barrels to stabilize markets.
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The International Energy Agency (IEA) has reported that the closure of the Strait of Hormuz has caused the most significant disruption to global oil markets in history. Supply is projected to fall by approximately 8 million barrels per day (bpd) in March, representing an 8% decline in global output. In response, IEA member countries have agreed to a record release of 400 million barrels from strategic stockpiles to stabilize prices and compensate for the loss of Middle Eastern production.
