Oil shock 'largest supply disruption' in history, says International Energy Agency

The Middle East war "is creating the largest supply disruption in the history of the global oil market," as Iran's chokehold on regional supplies forces Gulf oil producers to slash production, the International Energy Agency said Thursday, March 12.

In its latest market report, the IEA said crude oil production was currently down by at least 8.0 million bpd (barrels per day), with an additional 2.0 million related to petroleum products including condensates shut off.