From Quartz.

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The International Energy Agency said global oil supply could fall by 8 million barrels per day in March, underscoring risks to fuel markets.

Brent crude prices swung from near $120 to above $100 a barrel as regional conflict disrupted shipping, while IEA members approved emergency releases from the Strategic Petroleum Reserve. The agency cited refinery outages exceeding 3 million barrels per day and stressed that safe tanker traffic through the Strait of Hormuz remains critical.

Higher output from non-OPEC+ producers, Kazakhstan, and Russia is partly offsetting Middle East losses, but diesel and jet fuel supplies face pressure. The IEA also trimmed its 2026 demand growth forecast and noted potential demand losses from flight cancellations and LPG disruptions. #oilcrisis #energymarket #oilsupply #globaleconomy #iea

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