Now Reading: IEA warns of 1.8 million bpd oil supply deficit in Q3
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IEA warns of 1.8 million bpd oil supply deficit in Q3
The International Energy Agency has warned of a 1.8 million barrel per day deficit in global oil supply in the third quarter of this year. The warning comes as Ukrainian drone attacks…
The Story in Brief
The International Energy Agency has warned of a 1.8 million barrel per day deficit in global oil supply in the third quarter of this year. The warning comes as Ukrainian drone attacks on major refineries west of the Urals mountains have kept Russian oil refining near a 20-year low.
NDTV Profit reports that Russian refining stood at 3.9 million barrels per day in July. The supply gap heightens concerns about energy prices and global economic stability, with the IEA projecting a tight market in the coming months.
The Indian Opinion
Talk of an oil supply crisis often ignores the demand side. The IEA's deficit figure assumes steady global consumption, but recession fears in the US and Europe could slash that quickly. The real test will be Saudi Arabia's next production decision, if Riyadh opens taps, the deficit may vanish overnight.
Source: ndtvprofit.com
This story was synthesised by AI from the source linked above.
