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OfficialShipping, energy & marketsBackgroundParis, France

IEA says March oil supply plunged 10.1 mb/d, the largest disruption in history

Mountain Time
Local time
10:00 AM in Paris
Where
Paris, France

The International Energy Agency's April Oil Market Report said global oil supply plunged by 10.1 million barrels a day to 97 mb/d in March as attacks on Middle East energy sites and restrictions on Hormuz tanker traffic caused the largest disruption in history; Hormuz loadings averaged about 3.8 mb/d in early April against more than 20 mb/d in February. It now expects world oil demand to shrink by 80,000 barrels a day in 2026, with a 1.5 mb/d second-quarter drop the sharpest since Covid-19.

Why it matters

The agency said reopening Hormuz is the single most important variable for supply, prices and the economy, and its central forecast assumes Gulf deliveries resume by mid-year.

Sources (3)

Confidence: Stated by a named government, military, or institution. Not independently confirmed. About confidence labels

Correction

  • Corrected the time from Apr 14 2026, 12:00 PM Paris time; source gives date marker, exact hour not specified to 10:00 AM Paris time, Apr 14, 2026; corrected the headline (it read "IEA quantifies the March oil shock from the Iran war"); revised the summary; revised the context note; corrected the location from Global oil market / Strait of Hormuz to Paris, France; changed the confidence label from reported to official; reclassified it from market to energy-markets; updated the sourcing note; added 2 sources: CBS News, Associated Press; removed EIA Hormuz chokepoint analysis as a source (a 2025 background analysis, not a report on this event); corrected the publication date of IEA Oil Market Report April 2026 from 2026-04-14 to 2026-04-14. Why and evidence