The International Energy Agency said the war in the Middle East caused the biggest disruption in the history of the global oil market. The current projection indicates that global supplies could be reduced by eight million barrels per day.
The estimate was released one day after countries linked to the agency adopted an extraordinary measure to try to contain the crisis. In total, 32 nations will release 400 million barrels of oil from their emergency stocks.
The objective of the strategy is to increase the supply of the commodity and help stabilize prices on the international market. Despite this, experts point out that the crisis should only be alleviated when passage through the Strait of Hormuz is normalized and attacks on oil and gas installations in Persian Gulf countries come to an end, in addition to the stabilization of production in these nations.
