The International Energy Agency said in its monthly report that the global oil supply-demand gap this year will be larger than previously expected. The agency linked the revision to the fact that the war involving Iran has not ended, delaying the return of Middle East oil flows to normal conditions until 2027. According to the report, the disruption has pushed fuel prices sharply higher.
The IEA also said inventories remain central to keeping the market balanced, but that buffer is shrinking. At the same time, the global refining system has been stretched to its limit. The report points to tighter conditions in energy markets than the agency had projected earlier, with the longer recovery timeline for Middle East oil flows adding to pressure on prices and supply balances.
According to ChainCatcher, the International Energy Agency said in its monthly report that the global oil supply-demand gap this year will be larger than previously expected.
The agency said the war involving Iran has not ended, pushing back the timeline for Middle East oil flows to return to normal until 2027. The report said that delay has sent fuel prices sharply higher.
The IEA also said inventories are playing a key role in balancing the market, but that cushion is shrinking, while the global refining system has been stretched to its limit.
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