Energy Crisis Alters Demand Patterns Temporarily
The Hormuz crisis has disrupted roughly one-fifth of global LNG flows and caused cumulative crude oil supply losses exceeding 1 billion barrels since March. The International Energy Agency (IEA) forecasts a reduction in annual global oil supply by 3.9 million barrels per day due to the conflict between the U.S., Israel, and Iran, though it expects most production will resume before year-end. Oil demand is expected to decline less sharply at around 420,000 barrels daily.
Topics: energy crisis global demand patterns IEA report oil supply disruption