LONDON, March 12 – The ongoing Middle East conflict has triggered the most severe oil supply shortage in global history, according to the International Energy Agency, which made the announcement Thursday following their decision to authorize a record release from emergency oil reserves.
Gulf nations in the Middle East have slashed their combined oil output by no less than 10 million barrels daily – representing nearly 10% of global oil consumption – due to the ongoing warfare, the agency reported in their most recent monthly market analysis. The IEA warned that unless maritime transport operations resume quickly, these production cuts will likely expand further.
