Trump says oil reserves would run out in 4 weeks without Iran deal, risking ‘bedlam’
The agency said weaker fuel use and transport disruptions have pushed demand lower, even as Trump said the Iran deal prevented reserves from running out.
- On Wednesday, the International Energy Agency released its Oil Market Report, downgrading its 2026 global oil demand outlook to a contraction after earlier optimistic growth projections.
- Higher crude prices and transportation disruptions from the Strait of Hormuz conflict are suppressing fuel consumption, particularly within industrial and transportation sectors.
- Projections shifted from roughly 930,000 barrels per day of growth in January to 640,000 bpd by March, marking a series of downward revisions that culminated in the current contraction forecast.
- Speaking at the G7 summit in France, President Donald Trump claimed that without a deal with Iran, global oil reserves would have run out, potentially causing "bedlam."
- The IEA forecasts supply growth of about 8 million bpd next year, vastly outpacing demand growth of roughly 2 million bpd and creating a significant potential surplus through 2027.
49 Articles
49 Articles
In a press conference at the G7 summit, Donald Trump commented on the temporary peace agreement with Iran. According to the American president, the lack of oil reserves was a reason for the agreement.
Trump defends Iran deal after markets forced his hand
US President Donald Trump defended the Iran deal that offers several concessions to Tehran, saying Wednesday he wanted to avoid an “economic catastrophe.” It was an admission that the markets forced his hand, with the war driving up inflation and energy costs. Terms in the US draft include reopening the Strait of Hormuz in exchange for the unfreezing of billions in Iranian assets, the creation of a $300 billion reconstruction fund, and Iran agre…
Trump signs US-Iran deal at Palace of Versailles with Macron — in his trademark fashion
President Trump on Wednesday signed a copy of the US-Iran memorandum of understanding — after he signed the document electronically with Iran on Sunday, a senior White House official confirmed to The Post.
WNTZ FOX 48
Trump defends Iran deal amid criticism: 5 takeaways
President Trump defended a memorandum of understanding (MOU) released Wednesday that ends the war with Iran, even as he suggested it may not be “permanent” during a press conference from the Group of Seven (G7) summit in Évian-les-Bains, France. The president noted other G7 members backed the end of the war, arguing it was [...]
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