US EditionIran War Upends Iea's Global Oil Market Outlook
The agency said 10.1 million barrels a day of output were lost in March as strikes and a Hormuz blockade hit exports.
- 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.
22 Articles
22 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…
"World oil demand is now expected to fall by an average of 80,000 barrels per day in 2026," the OECD Energy Agency estimates, which projected growth of 730,000 barrels per day in its March report.
War and instability in the Middle East are already causing historic disruption to the global oil market.
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