Odaily Planet Daily reports: One day after implementing its historic emergency release of stockpiles, the International Energy Agency (IEA) lowered its forecast for oil supply growth due to the Middle East conflict disrupting flow through the Strait of Hormuz. The IEA now expects oil supply to increase by 1.1 million barrels per day this year, a significant reduction from its previous forecast of 2.4 million barrels per day. All supply growth is now expected to come from outside OPEC+ regions, as the conflict has forced major oil-producing countries in the Gulf to cut production. Oil supply is projected to plunge by 8 million barrels per day in March to 98.8 million barrels per day—the lowest level since the first quarter of 2022. The IEA stated: “The war in the Middle East is causing the largest supply disruption in the history of the global oil market.” (Jinshi)
IEA Reduces Oil Supply Growth Forecast Amid Middle East Conflict, Calls It the Largest Disruption in History
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Summary
The International Energy Agency (IEA) has significantly lowered its oil supply growth forecast due to the Middle East conflict, calling it the largest disruption in history. The IEA now forecasts 1.1 million barrels per day of supply growth in 2026, down from 2.4 million. March output is projected to drop to 98.8 million barrels per day, the lowest since early 2022. As traditional Gulf producers reduce output, attention in the crypto market is shifting toward altcoins to watch amid rising energy uncertainty.
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