NEWS / Global Scoop

World Oil Supply Drops 12-15 Million Barrels Daily - Largest Disruption Ever

Published Apr 7, 2026

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Oil leaking from a damaged pipeline onto the ground, with industrial structures visible in the background, highlights the risk of oil disruption impacting the world oil supply measured in barrels daily.

Summary:

Dated Brent crude hit $141.26 per barrel last week - highest since 2008 - while Brent futures sit above $110.
Saudi Arabia is charging record premiums: $19.50 extra to Asia, up to $30 above Brent to Europe.
Americans are spending $830 million more per day on fuel; countries from China to Bangladesh are restricting exports or rationing.

The world's oil supply just dropped 12-15 million barrels per day - the biggest disruption in history. Traders who worried about oversupply six weeks ago now worry about running out.

Prices Spike as Supply Tightens

Dated Brent crude hit $141.26 per barrel last week - the highest since 2008. Saudi Arabia is charging record premiums: $19.50 extra to Asia, up to $30 above Brent to Europe.

They're charging this much because buyers have no other options. Vikas Dwivedi from Macquarie said: pricing physical oil during a supply shock is "more art than science."

Shortages Are Starting Now

Jet fuel prices doubled in one month. United Airlines cut 5% of its schedule. Some Italian airports introduced fuel limits.

Myanmar and Bangladesh are rationing fuel. China, Thailand, Pakistan, and South Korea have restricted exports. Andy Lipow warned: if this continues, we will run out of fuel.

What to Watch

Watch Saudi Arabia's premium - if it keeps rising, supply is tighter than markets think. The shortage is here.

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