Oil supply to lag demand until 2027 as Iran war hits global growth, analyst says
The International Energy Agency (IEA) is warning, countries are tapping into their oil reserves at a record pace because of supply disruptions caused by the Iran war.In its monthly oil market report, the IEA said the drop in supply will outpace falling demand.
The agency says global oil supply will fall by around 3.9 million barrels a day for the rest of the year.
It also added that more than one billion barrels of Middle East supply has already been lost.
Fredrik Erixon is an Economist and Director of the European Centre for International Political Economy.
He says even if the Strait of Hormuz is re-opened soon, supply won't recover until at least next year.
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