PARIS (AFP): The Mideast war "is creating the largest supply disruption in the history of the global oil market", as Iran's chokehold on regional supplies forces Gulf producers to slash production, the International Energy Agency said Thursday (March 12). The conflict, which was triggered on Feb 28 by American-Israeli attacks on Iran, is hampering the global economy's supply of oil and weakening production capacity. Despite efforts to stave off the disruption via emergency stockpiles, the IEA forecast March global oil supplies would drop 8 million bpd to 98.8 million bpd for their lowest level in four years. The IEA added supply curtailments in the Middle East are being partly offset by higher output from non-OPEC+ producers, Kazakhstan and Russia. While overall supply losses would depend on the duration of the war, it estimated global oil supply would rise 1.1 million bpd in 2026 on average, with non-OPEC+ producers accounting for the entire increase.

Source: The Star March 12, 2026 22:55 UTC