The oil world has seen many shocks over the years, but none has hit the industry with quite the ferocity being witnessing today, according to a recent report by the International Energy Agency (IEA) on Thursday.

“The impacts will be felt throughout oil’s global supply chains and ripple into other parts of the energy sector,” IEA explained and added that pressure is coming from all sides.

During the OPEC+ conference in Vienna on March 6, Saudi Arabia and Russia failed to make deeper cuts into the group’s oil production levels to mitigate the adverse impact of coronavirus on weakening

Read more: Global oil industry facing unprecedented shock: IEA