The Largest Oil Supply Shock in History
The IEA estimates that at least 10 million bpd of supply has already been shut in, making it the largest disruption the oil market has ever faced. Refineries across the Gulf are reducing runs because products cannot be exported. Diesel, jet fuel, and LPG markets are tightening sharply. Governments have responded with
✦ Editorial Summary
The current oil supply shock is the largest in history, with at least 10 million barrels per day (bpd) of supply shut in. This disruption is causing refineries in the Gulf to reduce production due to export constraints, leading to tight markets for diesel, jet fuel, and LPG. Governments are responding to the crisis with various measures.
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