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IEA: Iran War to Lead to Global Oil Supply Shortage This Year
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The International Energy Agency (IEA) said in its monthly oil market report that due to severe disruption to Middle East oil production caused by the Iran war, the global oil market will face a supply shortage this year. As transportation through the Strait of Hormuz remains constrained, cumulative supply losses from Middle Eastern Gulf producers have exceeded 1 billion barrels, with more than 14 million barrels per day currently offline, marking an unprecedented global supply shock. The IEA forecasts that global oil supply will fall short of total demand by 1.78 million barrels per day this year, compared with a projected surplus of 410,000 barrels per day in last months report. The latest supply-demand outlook indicates that even if the conflict ends in early June, the oil market will remain in a severe supply deficit through the end of the third quarter. The supply gap in the second quarter alone could reach as much as 6 million barrels per day. The IEA said its baseline scenario assumes that shipping through the Strait of Hormuz will gradually resume from the third quarter, and the market may return to a moderate supply surplus by the fourth quarter. (mn/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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