[International Energy Agency Significantly Lowers Oil Supply Growth Forecast, Citing Largest Oil Supply Disruption in History Due to Middle East War] Odaily Planet Daily News – The International Energy Agency (IEA) has lowered its oil supply growth forecast a day after implementing a historic emergency stock release, citing the blockage of the Strait of Hormuz caused by the Middle East war. The IEA now expects oil supply to increase by 1.1 million barrels per day this year, a sharp reduction from the previously forecasted 2.4 million barrels per day. It is anticipated that all supply growth will come from regions outside of OPEC+, as the conflict has forced major oil-producing countries in the Gulf region to cut production. Oil supply in March is expected to plummet by 8 million barrels per day to 98.8 million barrels per day, the lowest level since the first quarter of 2022. The IEA stated: 'The Middle East war is causing the largest supply disruption in the history of the global oil market.' (Jin10)