Global oil supply to plunge below demand this year on Iran war, IEA says
- On Wednesday, the International Energy Agency reported that global oil supply will fail to meet total demand this year due to the Iran war disrupting Middle East oil production.
- Iran's effective closure of the Strait of Hormuz to Gulf oil and gas exports followed US-Israeli strikes, forcing countries worldwide to tap strategic reserves at a 'record pace,' the IEA said.
- Cumulative supply losses from Gulf producers exceed 1 billion barrels, with more than 14 million barrels per day shut in; around 164 million barrels have been drawn from emergency stocks.
- German politician Laschet said the war has cost the global economy €30 billion so far, while the IEA warned that 'rapidly shrinking buffers' may herald future price spikes ahead of peak summer demand.
- Forecasting a supply deficit of around 3.9 million barrels per day across 2026, the IEA warned that deteriorating economic conditions and demand-saving measures will further weigh on global consumption.
22 Articles
22 Articles
Iran war: Oil stocks being used up at record pace, IEA warns
The International Energy Agency warned of "rapidly shrinking buffers." Meanwhile, Iranian Foreign Minister Araghchi is en route to Delhi for a BRICS gathering which is set to be dominated by the conflict. DW has more.
Oil Inventories Falling at Record Pace on Iran War, IEA Says
Oil inventories are falling around the world at a record pace and will continue to drop for months as the disruption to Middle East supplies from the Iran war intensifies, according to the International Energy Agency.
Global oil supply to plunge below demand this year due to Iran war, IEA says
Global oil supply will not meet total demand this year as the Iran war wreaks havoc on Middle East oil production, the International Energy Agency said in its monthly oil market report on Wednesday.
Global crude oil supply to plunge below demand this year amid Iran war: IEA
Global oil supply will not meet total demand this year as the Iran war wreaks havoc on Middle East oil production, the International Energy Agency said in its monthly oil market report on Wednesday.
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