The war in the Middle East is creating the biggest oil supply disruption in history, the International Energy Agency said on Thursday, a day after it agreed to release a record volume from strategic stockpiles to offset shortages and a spike in prices. World demand was expected to be around 1 million bpd lower than earlier estimates during March and April, the IEA said. World supply still expected to rise in 2026Despite the cuts in March production, the agency still expected oil supply to rise faster than world demand, on average, in 2026. World supply would rise by 1.1 million bpd, the IEA said, down from 2.4 million bpd expected last month. Overall, the IEA forecasts imply that supply will be higher than demand by 2.46 million bpd in 2026, a reduction from a 3.73 million bpd surplus in last month's report.

Source: The Telegraph March 12, 2026 20:34 UTC