The Middle East war is causing the largest supply disruption in oil market history, with about 20 million barrels per day of crude and products that normally pass through the Strait of Hormuz now reduced to a trickle, according to the International Energy Agency on Thursday.

Qatar expects all Gulf energy producers to shut down exports within weeks if the conflict with Iran continues and pushes oil prices to $150 per barrel, the country’s Energy Minister Saad al-Kaabi said.

OPEC says OPEC+ countries have reaffirmed their commitment to the current agreements defining overall oil production levels through the end of 2026, News.Az reports, citing TASS.

Global oil demand continues to grow and developing countries will be the main drivers of oil consumption for the next decades, Rosneft CEO Igor Sechin said at the St. Petersburg International Economic Forum.

The countries participating in the OPEC+ agreement will discuss the current situation in the global oil market at a ministerial meeting on June 1, Russian Deputy Prime Minister Alexander Novak said.