IEA Cuts Global Oil Supply Forecast by 4.3 Million Barrels

The International Energy Agency (IEA) has reduced its forecast for global crude oil supply this year, projecting a decrease of 4.3 million barrels per day.

This represents about 4 percent of the world's total oil supply and is the lowest projection made by the IEA so far this year.

The agency cites ongoing tensions in West Asia, including the war in Iran and disruptions to major maritime trade routes, as contributing factors to the reduced supply.

The Strait of Hormuz and the Bab-el-Mandeb strait are critical waterways for oil transportation that have been impacted by these tensions.