The IEA said current flows through the Strait of Hormuz were moving at less than 10% of pre-crisis levels, which in 2025 were around 15 million barrels per day – with 'no signs of a de-escalation in hostilities or a clear timeline for a recovery in flows through the Strait.'

The Middle East war “is creating the largest supply disruption in the history of the global oil market,” as Iran’s chokehold on regional supplies forces Gulf oil producers to slash production, the International Energy Agency said Thursday, March 12.

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

  • VoiHyvaLuojaMitaNyt@lemmy.worldEnglish
    12·
    1 day ago

    Excellent.

    Would be absolutely excellent and awesome if we had spent the past few decades building renewables like our life depended on it. But I guess more smarter people than me knew better.