IEA: Due to the Iran War, Global Oil Supply Will Plunge Below Demand Levels This Year

Odaily reported that the International Energy Agency (IEA) stated on Wednesday that due to supply disruptions triggered by the Iran War, global oil supply in 2026 is expected to decrease by approximately 3.9 million barrels per day; 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 exceed the decline in demand; the agency now expects oil demand this year to decrease by 420,000 barrels per day. The IEA also stated that, affected by the war, oil demand is also under pressure, as surging oil prices will not only suppress demand but also drag down the pace of economic growth. (Jin Shi)