A ​large supply surplus in 2027 could “provide a welcome respite to the market and an opportunity to replenish depleted inventories, or to ⁠build new strategic reserves,” the IEA said

The current forecast reduced the expected oil ​demand growth this year from 1.17 million barrels per day as previously seen. For 2027, ​OPEC expects oil demand to rise by 1.73 million bpd,

Global oil inventories could fall to critically or historically low levels just before peak summer demand if the current pace of drawdowns continues, according to Thoril Bosoni, Head of the Oil Industry and Markets Division at the International Energy Agency (IEA)

International Energy Agency (IEA) Executive Director Fatih Birol said commercial oil inventories are declining at a rapid pace, according to remarks made to reporters during the Group of Seven finance ministers’ meeting in Paris

The volume of oil supply lost because of the war in Iran and the blockade of the Strait of Hormuz has reached 14 million barrels per day, International Energy Agency (IEA) Executive Director Fatih Birol said

The United States reached record oil export levels, surpassing an average of 5 million barrels per day, following the blockade of the Strait of Hormuz, a route previously critical for 20% of global crude flows before traffic was halted by the Iran war

International Energy Agency (IEA) Executive Director Fatih Birol warned that even if the Strait of Hormuz were to reopen immediately, it would take “a long time” to return to normal, with risks of rising inflation and slower economic activity

In its monthly oil market report, the IEA said production losses from the conflict that erupted on February 28 totaled more than 360 million barrels in March, a figure expected to rise to 440 million barrels in April

International Energy Agency (IEA) Executive Director Fatih Birol warned that the current situation is “very serious” and exceeds the energy crises of the 1970s, amid the blockade of the Strait of Hormuz and attacks on energy infrastructure in the Middle East

Member countries of the agency could release additional emergency oil reserves, as more than 1.4 billion barrels will still remain in emergency stockpiles despite the largest reserve release in history already agreed upon, Executive Director Fatih Birol said