The International Energy Agency (IEA) has trimmed its forecast declines this year for global oil supply and demand this year resulting from the Mideast war and its unprecedented impact on trans-Hormuz flows. But the market’s stronger-than-expected recovery in June is coming under intense pressure as the US-Iran ceasefire breaks down.
Stronger Oil Recovery at Risk if Hormuz Deal Crumbles: IEA
The IEA eased its forecast declines for global oil supply and demand this year as June proved stronger than expected. But Hormuz hangs in the balance.
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