IEA Chief Warns of Rising Oil Prices Due to Middle East War Impact
The head of the International Energy Agency, Fatih Birol, warned that oil prices are likely to rise further due to the ongoing war in the Middle East, which has caused significant production losses. Middle Eastern oil production has declined by 9.3 million barrels per day compared to a year ago, leading to a 57% supply squeeze. Despite the warning, oil benchmarks fell temporarily due to hopes for a ceasefire.
Topics: global economy IEA warning Middle East conflict oil prices supply constraints