The IEA noted that, as inventories are replenished and the situation in the Middle East normalizes, global oil supply is projected to increase by nearly 8 mln bpd in 2027, reaching 110.3 mln bpd

The agency thus revised its demand forecast downward by 735,000 bpd compared with its May outlook, when it projected a decline of 418,000 bpd

The energy supply shock triggered by the Iran War has prompted the IEA to slash its global oil demand forecast.