The IEA’s oil ‘demand destruction’ report comes after its chief said unnamed countries are hoarding stocks.
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The International Energy Agency (IEA) has sharply cut its forecasts for global oil supply and demand growth, saying both are expected to fall from last year’s levels as the United States-Israel war on Iran disrupts oil flows and weighs on the global economy.
According to its report published on Tuesday, the IEA sees global oil demand falling by 80,000 barrels per day (bpd) this year, compared with a projected year-on-year rise of 640,000 bpd in its previous monthly report.
