IEA Says Global Oil Supply Gap Will Be Larger Than Expected This Year

The International Energy Agency said in its monthly report that this year's global oil supply-demand gap will be larger than previously expected, as the Iran war has not ended and the return of Middle East oil flows to normal has been delayed until 2027. According to ChainCatcher, the report said fuel prices have surged, inventories remain critical to market balance, and shrinking buffers have left the global refining system stretched to its limit.