00:00Global oil supply is expected to fall by 4.3 million barrels per day this year amid renewed hostilities in
00:07the Middle East and disruptions in the Strait of Hormuz.
00:10The International Energy Agency, IEA, says the decline is larger than its July forecast of 3.7 million barrels per
00:17day, or BPD, bringing total supply down to just over 102 million BPD, its lowest forecast for the year.
00:27The agency said supply risks remain high, with previously available oil inventory buffers rapidly depleting.
00:34Meanwhile, oil demand is expected to fall by 1.6 million BPD, almost 50% more than the decline forecast
00:43in July.
00:44That would mark the biggest annual average decline in demand since the COVID-19 pandemic, with high fuel prices expected
00:51to continue weighing on consumption.
00:54The IEA now expects the oil market to face a deficit of 1.8 million BPD, its widest in five
01:01years.
01:02The agency warned that the urgency of reopening the Strait of Hormuz has increased, even as Washington and Tehran remain
01:09at odds over how and when it should reopen.
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