The Middle East conflict has triggered the most severe oil supply crisis in history
The International Energy Agency report states that due to the conflict and the blockade of the Strait of Hormuz, global daily oil supply may decrease by about 8 million barrels.
Persian Gulf countries have cut production by at least 10 million barrels per day, accounting for about 10% of global total demand.
The International Energy Agency warned that it may take weeks or even months to resume production after oil wells are shut down.
The U.S. Department of Energy said on the 11th that Trump had authorized the department to release 172 million barrels of crude oil from the strategic petroleum reserve starting next week. On the same day, the International Energy Agency announced that 32 member countries had agreed to release 400 million barrels of strategic petroleum reserves. The International Energy Agency members are discussing releasing a record 400 million barrels of strategic petroleum reserves to stabilize prices; this scale is twice that of the amount released after the full-scale outbreak of the Russia-Ukraine conflict in 2022 (182 million barrels).
Original article: toutiao.com/article/1859467079451712/
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