IEA: Oil output sees ‘largest drop history’ in March

Global oil production fell by 10.1 million barrels per day (mb/d) in March due to the war in the Middle East, marking the largest disruption on record, the International Energy Agency (IEA) said on Tuesday, warning that losses will be even greater in April.

In its monthly oil market report, the IEA said production losses from the conflict that erupted on February 28 totaled more than 360 million barrels in March, a figure expected to rise to 440 million barrels in April.