Shafaq News- Paris

Major disruptions to Middle East energy infrastructure have already withdrawn more than 12 million barrels per day (bpd) from global oil supply, the International Energy Agency (IEA) reported on Wednesday, as ongoing conflict in the region continues to damage key assets.

The agency estimated that roughly 40 major energy facilities have been hit, describing the scale of the losses as more severe than the combined impact of the 1970s oil shocks and the 2022 reduction in Russian gas exports.

Warning that supply pressures are expected to intensify in April, with losses likely to match the pace seen in March, the IEA indicated it is assessing further use of strategic oil reserves to help offset the shortfall and support stability in global markets.

On March 11, member countries of the IEA agreed to release a record 400 million barrels of oil from strategic reserves to counter a surge in global crude prices following the closure of the Strait of Hormuz.