IEA forecasts global oil supply to plunge below demand this year, erasing projected surplus

The International Energy Agency said global oil supply will not meet total demand this year as the Iran war disrupts Middle East oil production. The report implies tighter crude balances and potential upward pressure on oil prices and energy markets. This is a market-wide geopolitical shock with broad implications for commodities and inflation expectations.

Analysis

The International Energy Agency said global oil supply will not meet total demand this year as the Iran war disrupts Middle East oil production. The report implies tighter crude balances and potential upward pressure on oil prices and energy markets. This is a market-wide geopolitical shock with broad implications for commodities and inflation expectations.