The world is drawing on oil reserves at record rates, the International Energy Agency<\/b> warns, as the war in the Middle East continues to restrict supplies from the Gulf region.<\/p>\n
“More than ten weeks after the start of the war in the Middle East, mounting supply losses in the Sea of Hormuz are depleting global oil reserves at a record pace,” the International Energy Agency says in its monthly report on oil markets. <\/b><\/p>\n
Global inventories have fallen by 250 million barrels in March and April, a rate of 4 million barrels per day<\/b>, according to the IEA. “The rapid decline in inventories within a context of sustained turmoil likely heralds price ignition<\/b> in the future,” it noted.<\/p>\n
Specifically, global oil supply fell further by 1.8 million barrels per day in April to reach 95.1 million b\/d, bringing the total losses since February to 12.8 million b\/d.<\/b><\/p>\n
Based on the scenario of a gradual resumption of flow through the Strait of Hormuz from June, global oil supply is expected to fall by an average of 3.9 million b\/d, the global oil supply is expected to fall by an average of 3.9 million b\/d.b\/d in 2026 to reach 102.25 million b\/d.<\/b><\/p>\n
This translates into a loss of 5.9% compared with pre-war estimates (108.6 million b\/d)<\/b>, according to the February report, the International Energy Agency told AFP.<\/p>\n
Global oil demand is expected to fall by 420,000 b\/d in annualized terms for 2026 to reach 104 million b\/d, down 1.3 million b\/d from pre-war projections.<\/p>\n
The International Energy Agency estimates that if demand can return to an upward trajectory towards the end of the year under the assumption that a peace agreement can be reached, supply is expected to recover at a slower pace. <\/p>\n
As a consequence, oil markets will remain “surplus until the last quarter of the year,<\/b> the Energy<\/b> Agency OECD believes, warning that “a further destabilisation of prices seems likely as the peak summer demand period approaches.”<\/p>\n","protected":false},"excerpt":{"rendered":"
The world draws from its reserves
\noil reserves at record rates, warns the International Organization of Petroleum Exporting Countries
\nEnergy, as the war in the Middle East …<\/p>\n","protected":false},"author":1,"featured_media":5304,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-5303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"acf":[],"_links":{"self":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/5303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5303"}],"version-history":[{"count":0,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/5303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/media\/5304"}],"wp:attachment":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}