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

Core Viewpoint - The ongoing war in the Middle East is causing the largest oil supply disruption in history, according to the International Energy Agency (IEA) [1]. Group 1: Oil Supply Disruption - Middle East Gulf countries have reduced total oil production by at least 10 million barrels per day (bpd), which is nearly 10% of global demand, due to the conflict [2]. - The IEA warns that without a swift resumption of shipping flows, the losses in oil supply are expected to increase [2]. Group 2: Strategic Stockpiles - The IEA has agreed to release a record volume of oil from strategic stockpiles in response to the supply disruptions caused by the war [1].