"The IEA sees global oil demand falling by 80,000 barrels per day this year, compared with a projected year-on-year rise of 640,000 bpd in its previous monthly report."
"Demand destruction will spread as scarcity and higher prices persist, with the deepest cuts in oil consumption coming from the Middle East and Asia Pacific."
"The largest oil supply disruption in history has occurred, with 10.1 million bpd lost in March due to attacks on energy infrastructure and Iran's closure of the Strait of Hormuz."
The International Energy Agency has revised its forecasts for global oil supply and demand growth downward, anticipating a decline in both metrics. Global oil demand is expected to decrease by 80,000 barrels per day this year, contrasting with a previous estimate of a 640,000 bpd increase. The report cites disruptions from the US-Israel conflict with Iran and urges countries to avoid hoarding energy supplies. The IEA notes significant demand destruction, particularly in the Middle East and Asia Pacific, with a projected 1.5 million bpd drop in the second quarter.
Read at www.aljazeera.com
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