IEA Reports Largest Ever Global Oil Supply Disruption
Middle East Gulf nations have cut oil production by 10 million barrels per day. The IEA says this is the largest disruption ever and will tap record reserves.
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The global energy market is currently experiencing the most significant oil supply disruption in its history due to the escalating conflict in the Middle East. The International Energy Agency (IEA) reported on Thursday that production in the Middle East Gulf region has been slashed by at least 10 million barrels per day (bpd), a figure representing nearly 10% of total global demand.
