IEA: Iran War to Drive Global Oil Supply Below Demand This Year

According to Odaily, the International Energy Agency (IEA) stated on Wednesday that due to supply disruptions triggered by the Iran war, global oil supply is expected to decrease by approximately 3.9 million barrels per day in 2026. Currently, oil supply losses in the Middle East have exceeded 1 billion barrels. In its monthly oil market report, the IEA pointed out that the decline in supply will outpace the decline in demand. The agency now expects oil demand to drop by 420,000 barrels per day this year. The IEA also noted that oil demand is under pressure due to the war, as soaring oil prices not only curb demand but also drag down the pace of economic growth. (Jin Shi)