US EditionIran War Upends Iea's Global Oil Market Outlook
- The International Energy Agency reported on Tuesday that global oil demand growth of 730,000 barrels a day has been erased, with consumption now projected to contract by 80,000 barrels daily this year.
- Flows through the Persian Gulf's vital Strait of Hormuz have dropped to just 3.8 million barrels a day from pre-crisis levels of about 20 million, representing roughly 20% of global supplies, the IEA said.
- Global oil supply plunged 10.1 million barrels a day, or about 9%, last month as Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait shuttered production, the IEA said.
- IEA Executive Director Fatih Birol said Monday that oil futures trading at just under $100 a barrel in London do not reflect crisis severity, citing an "increasingly acute" disconnect between markets.
- President Donald Trump's blockade of vessels departing Iranian ports came into effect on Monday, prompting the IEA to warn that global economies must brace for significant disruptions in coming months.
44 Articles
44 Articles
In March there has been a drop of 10.1 million barrels per day in production as a result of the conflict in the Middle East.
The war in the Middle East and its effects on global energy transport led the International Energy Agency to significantly cut its projections for the oil market. In its latest Oil Market Report, the agency warns that global demand for crude oil “will contract at 80 kb/d this year” (80,000 barrels per day), an adjustment of 730 kb/d to the previous report, in a context marked by supply shortages, high prices and logistical disruptions. The repor…
IEA Warns Of Global Oil Demand Decline
Oil prices declined on Tuesday as the International Energy Agency warned that high prices and supply disruptions from the Iran war could weaken global demand. U.S. crude and Brent benchmarks both slipped, reflecting concerns that prolonged instability in the Middle East is beginning to curb consumption. The IEA said the conflict has already caused historic supply shocks and price spikes, adding that global oil demand could contract sharply, pote…
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