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Middle East conflict has not disrupted oil supply flows — IEA

World oil supply is firmly on an upward trajectory, with October output up 320,000 barrels per day month-on-month, the agency reported

MOSCOW, November 14. /TASS/. The International Energy Agency (IEA) has not yet seen the influence of the conflict in the Middle East on physical oil flows on the global markets, according to its November report.

"Fears that the war between Israel and Hamas would escalate into a wider regional conflict, disrupting oil supply flows, have yet to materialize," the agency said.

Barring large unforeseen outages, world oil supply is firmly on an upward trajectory, with October output up 320,000 barrels per day month-on-month, the IEA said. Record output from the United States, Brazil and Guyana underpin this year’s 1.7 mln barrels per day increase in global oil supplies, to a record 101.8 mln barrels per day. In 2024, non-OPEC+ producers will continue to lead global growth, projected at 1.6 mln barrels per day, to an unprecedented 103.4 mln barrels per day.

Tensions in the Middle East flared up again after Hamas militants infiltrated Israel from the Gaza Strip on October 7. The Palestinian movement described its attack as a response to the actions of Israeli authorities against the Al-Aqsa Mosque on Jerusalem's Temple Mount. Israel announced a total blockade of Gaza and started carrying out strikes on the Palestinian enclave, as well as on certain areas in Lebanon and Syria. Clashes are also taking place in the West Bank.