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Iran war triggered 'most severe oil supply shock in history,' the International Energy Agency says
The agency said the crisis erased 10.1 million barrels a day in March and pushed demand forecasts lower for 2026.
- The International Energy Agency reported on Tuesday that global oil demand growth of 730,000 barrels a day has been erased, with consumption now projected to contract by 80,000 barrels daily this year.
- Flows through the Persian Gulf's vital Strait of Hormuz have dropped to just 3.8 million barrels a day from pre-crisis levels of about 20 million, representing roughly 20% of global supplies, the IEA said.
- Global oil supply plunged 10.1 million barrels a day, or about 9%, last month as Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait shuttered production, the IEA said.
- IEA Executive Director Fatih Birol said Monday that oil futures trading at just under $100 a barrel in London do not reflect crisis severity, citing an "increasingly acute" disconnect between markets.
- President Trump's blockade of vessels departing Iranian ports came into effect on Monday, prompting the IEA to warn that global economies must brace for significant disruptions in coming months.
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IEA Cuts Forecasts for Global Oil Supply and Demand Growth
The International Energy Agency (IAE) slashed its global oil supply and demand growth forecasts on April 14, saying both are now expected to fall from their 2025 levels as the war in the Middle East disrupts oil flows. The Paris-based body now envisions global oil demand falling by 80,000 barrels per day (bpd) during the current year, compared with a projected year-on-year rise of 640,000 bpd in its March monthly report. “Demand destruction will…
·New York, United States
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The fault of the war in the Middle East, which disturbs both the transport, with the Strait of Ormuz, and the production.
·Montreal, Canada
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Coverage Details
Total News Sources35
Leaning Left5Leaning Right15Center8Last UpdatedBias Distribution53% Right
Bias Distribution
- 53% of the sources lean Right
53% Right
L 18%
C 29%
R 53%
Factuality
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