Global oil demand to plunge amid disruptions caused by war on Iran: IEA
Al Jazeera·8h ago·Fear
What Happened
The International Energy Agency revised down global oil demand forecasts, predicting a 80,000 barrel-per-day decline this year versus a projected 640,000 bpd increase reported previously. Disruptions from US-Israel military actions, Iran's Strait of Hormuz closure, and US port blockade caused the largest oil supply disruption in history at 10.1 million bpd lost in March. The IEA warned demand destruction will intensify as scarcity and prices persist.
Key Entities
International Energy Agency (IEA)United StatesIsraelIranStrait of HormuzDonald TrumpOPECRussiaGlobal oil markets