IEA Chief Birol says more than 12mln BPD of oil supply has been lost so far due to the Middle East crisis; the current crisis is worse than the 1970s oil shocks and the loss of Russian gas in 2022 combined

The IEA Chief's remarks underscore a significant and escalating oil supply crisis that could exert upward pressure on prices, particularly for WTI.

Newsquawk StaffPublished 1 Apr 2026, 10:02 UTCOn the live feed at 09:42 UTC — 5 more headlines followed before this page went public

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09:50

Japanese PM Takaichi says Japan will work with France to strengthen supply chains, including rare earths; an agreement was reached to strengthen defence ties with France

09:45

Indian government official says prices of agro commodities are broadly stable and closely monitored; states are being asked to use fertilisers judiciously

09:42

IEA Chief Birol says more than 12mln BPD of oil supply has been lost so far due to the Middle East crisis; the current crisis is worse than the 1970s oil shocks and the loss of Russian gas in 2022 combined

09:41

The first LNG deliveries from Oman to Germany have started despite the Iranian war, German Magazine Capital reports

09:34

China's Finance Ministry announces it will reopen CNY 170bln of 2yr bonds and CNY 24bln of 30yr bonds, on April 3rd

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Oil supply losses in April are expected to be twice as high as in March.
Biggest problem is a lack of jet fuel and diesel, already affecting Asia and coming to Europe in April–May.
Further releases of strategic reserves are being considered if needed for crude oil or products.
Around 40 key energy assets have been damaged in the Middle East.

Context

The loss of supply from the Middle East, coupled with the noted lack of jet fuel and diesel, suggests a tightening market that may prompt further strategic reserve releases and impact inflation. Traders should watch for potential volatility in oil markets and related commodities as the situation unfolds.

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