Despite efforts by some countries to release record levels of global strategic oil reserves to counter rising prices, there has been no significant shift in market dynamics, although it may have somewhat tempered price surges. According to the International Energy Agency, more than 12 million barrels per day of supply have been lost due to the Iran war, the closure of the Strait of Hormuz, and attacks on energy facilities. These losses surpass all previous energy crises, with approximately 20 per cent of global liquefied natural gas production from Qatar disrupted. The disruption has extended to jet fuel and diesel. What distinguishes this crisis from previous ones is that supply shortages are affecting Asia, Europe, and Africa alike, and disruptions have extended beyond oil to include natural gas, LNG, and refined fuels.
