Ammon News - The Mideast war has caused the "largest supply disruption in the history of the global oil market", leading Gulf oil producers to slash production, the International Energy Agency said Thursday.

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

The closure ‌of the Strait of Hormuz prompted the ‌IEA's announcement, he said at ​an Istanbul press conference.

The International Energy Agency, made up ​of major oil consuming ​nations, recommended releasing ​400 million barrels from global strategic ​reserves to dampen one of the worst oil shocks since the ⁠1970s, the biggest such intervention ⁠in history.

AFP