Global oil supply and demand crisis amid Gulf conflicts
The developments in this story so far, most recent first.
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· date approximate Development
IEA: Küresel petrol arzı temmuzda günlük 2,4 milyon varil arttı
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· date approximate Background
The IEA revised its global oil demand forecast downward in the prior month's report due to Strait of Hormuz disruptions and high fuel prices.
The International Energy Agency (IEA) revised its global oil demand forecast for the year down by 510,000 barrels per day (bpd) compared to its previous month's report. This adjustment was attributed to the continued closure of the Strait of Hormuz, which has disrupted international supply chains, and high fuel prices that have dampened consumption.
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· date approximate Background
The IEA previously forecast global oil supply to average 102 million bpd for the year, assuming progress in Hormuz trade flow negotiations.
The International Energy Agency (IEA) previously expected global oil supply to average 102 million barrels per day for the year. This projection was based on the assumption that negotiations to restore trade flows through the Strait of Hormuz would make progress.
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· date approximate Background
OPEC+ had been coordinating production levels to stabilize markets before the July supply surge.
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