IEA Projects 4.3 Million Barrels Daily Crude Oil Supply Cut This Year

Kathmandu. A significant drop in crude oil supply is estimated in the global market. The International Energy Agency (IEA) has projected that the global market's crude oil supply will decrease by 4.3 million barrels per day this year.

This is about 4 percent of the world's total oil supply. According to the IEA's latest monthly oil market report, an agreement has not yet been reached regarding reopening the Strait of Hormuz and ensuring the unimpeded movement of oil and other goods through the Bab-el-Mandeb strait. Therefore, the agency has again reduced its oil supply forecast for the rest of the year.