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The Economic Times
The Economic Times
Business

Global oil supply to plunge below demand this year on Iran war, IEA says

IEA Oil Iran International Energy Agency Middle East

LONDON: Global oil supply will not meet total demand this year as the Iran war wreaks havoc on Middle East oil production, the International Energy Agency said in its monthly oil market ‌report on ⁠Wednesday.

"With ⁠Hormuz tanker traffic still restricted, cumulative supply losses from Gulf producers already exceed 1 billion barrels with more than 14 million (barrels per day) of oil now shut in, an unprecedented supply shock," the agency said.

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