Oil markets face 1.8 million barrel daily shortfall, says IEA

The International Energy Agency (IEA) said on Thursday that global oil markets are facing a supply shortfall estimated at around 1.8 million barrels per day, amid disruptions undermining production recovery. The agency indicated this could be the largest deficit in five years.

The IEA expects global oil inventories to decline this quarter at more than twice the pace it previously forecast, as the ongoing Middle East crisis continues to impact supplies and market dynamics.

It added that persistent disruptions to production and supply are increasing pressure on the global market balance, alongside ongoing uncertainty over developments in the region.