The International Energy Agency (IEA) has announced that global oil supply decreased by 1.8 million barrels per day (mb/d) in April, reaching 95.1 million barrels per day, while total losses since February have reached 12.8 million barrels per day, reports Anadolu.

“Production from Gulf countries affected by the closure of the Strait of Hormuz was 14.4 million bpd lower than pre-war levels,” the IEA said.

The IEA added that increased production and exports from the Atlantic Basin region provide some relief and, assuming traffic through the Strait gradually resumes from June, global oil supply is forecast to fall by an average of 3.9 million bpd in 2026, to 102.2 million bpd.

IEA announced that world oil demand is expected to shrink by 420,000 barrels per day on an annualized basis in 2026, down to 104 million barrels per day; 1.3 million barrels per day less than the agency’s forecast before the war.

“The largest decline is expected to occur in the second quarter of 2026,” the agency said, adding that demand will fall by 2.45 million barrels per day, of which OECD countries account for 930 thousand barrels per day and non-OECD countries 1.5 million barrels per day.

The petrochemical sector and that of aviation are currently the most affected, but higher prices, a weaker economic environment and measures to save demand will increasingly affect fuel use, the report says.

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Source: prizrenpost