IEA Warns of Potential Oil Supply Disruptions Due to Iran Conflict

The International Energy Agency (IEA) has indicated that ongoing supply disruptions stemming from the conflict in Iran could potentially decrease global oil supply by approximately 3.9 million barrels per day by 2026. According to NS3.AI, this reduction could result in supply falling below demand levels. The IEA also reported that oil supply losses in the Middle East have already surpassed 1 billion barrels. Additionally, the agency has revised its expectations for oil demand, predicting a decline of 420,000 barrels per day this year, as elevated oil prices continue to exert pressure on consumption and economic growth.