More than 10 per cent of global oil production has been removed from the market since the start of the Middle East war, Shell CEO Wael Sawan told a summit of top business leaders.

One of the biggest mysteries of the global economy is why the oil market has remained so calm during one of the greatest supply shocks in history.

More than 10 per cent of global oil production has been removed from the market since the start of the Middle East war, Shell CEO Wael Sawan told a summit of top business leaders.