Global oil supply to plunge below demand this year on Iran war, IEA says
The agency said emergency stock releases have already reached 164 million barrels as Middle East disruptions keep prices elevated.
- 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.
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Supply shock: The Iran war will change the oil market forever
The latest International Energy Agency assessment of the oil market points to a continuing shortfall of oil supply, and higher prices, even if the war were to end next month.
Global oil inventories falling at record pace, IEA warns
Global oil inventories are declining at an alarming rate, the International Energy Agency warned Wednesday, as the Strait of Hormuz shutdown continues to strain the energy sector. “Oil is in a race against time,” one analyst said. Even if the mounting pressure on oil stockpiles forces the reopening of the strait in June — as JPMorgan analysts recently predicted — the market will be “severely undersupplied” until October, the IEA warned. Import-d…
Global oil reserves are falling sharply due to the blockade of the Hormus road. According to the International Energy Agency (IEA), since the beginning of the Iran war, stocks have fallen by about 250 million barrels, roughly in line with the global demand of two days.
The International Energy Agency anticipates a deficit oil market in the coming months, as a result of the continuing disruptions in the Strait of Ormuz The world is drawing on its
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