The war started by America and Israel against Iran in the Middle East has put countries around the world in trouble. Energy crisis has arisen all over the world. The shortage of oil and natural gas has created an atmosphere of chaos. At the same time, now the International Energy Agency has issued a latest statement on this.
World’s biggest oil crisis: IEA
The agency has termed this crisis as the world’s biggest oil crisis. It has also been said that due to war conditions, there will be 80 lakh barrels less oil supply every day across the world. IEA has also issued a report regarding this. It says that in March 2026, worldwide oil supply will reduce by 8 million barrels per day. This is about 8% of the world’s total need.
Gulf countries reduced production capacity
Due to the war situation, the Persian Gulf countries have reduced their production capacity. Iraq, Kuwait, Qatar, UAE and Saudi Arabia together have reduced their production by 10 million barrels per day. On Wednesday, IA, along with its member countries, has decided to release 400 million barrels of oil from the strategic stock into the market.
Many countries are increasing exports through pipelines
IEA has clearly said that it may take weeks or in some cases months to bring the stopped production back to the previous level. Saudi Arabia and the UAE are increasing exports through pipeline routes that bypass Hormuz. IEA estimates that there may be partial relief from this between April and June. But this option is also not an effective solution for Hormuz.
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