IEA Sees Wider Oil Supply Deficit Despite Hit to Demand From War

The International Energy Agency reports that global oil inventories will decline this quarter at more than twice the previously estimated rate. A supply deficit of 1.8 million barrels a day is expected as renewed hostilities and maritime disruptions in the Middle East hinder production recovery. Despite a deepening hit to demand caused by high prices, the IEA warns that the ongoing shortfall and geopolitical tensions involving Iran could further increase oil prices, impacting global energy policies and economic stability.