IEA: Iran's War Lowers Oil Demand
The International Energy Agency has lowered its global oil demand forecasts for this year, citing consumption setbacks caused by the Iran war. It also warned that a potential recovery in supply after the conflict could lead to a significant market surplus by 2027. Data showed a decline in global supplies to 94.5 million barrels per day in May, with production falling to its lowest level since the start of the war. Meanwhile, global inventories experienced a record decrease of 143 million barrels in the same month. Projections indicate that supply will decrease by approximately 3.9 million barrels per day in 2026 before jumping to 110.3 million barrels in 2027, with the situation potentially changing rapidly if a deal is reached between the United States and Iran and the Strait of Hormuz is reopened.
Notice: This Is an AI-Generated Summary
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