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Oil market demand will outpace supply by 750,000 barrels per day on average this year.
The Iran war has shifted oil market forecasts from surplus to a 750,000 bpd deficit for 2024.
KEY POINTS
- The International Energy Agency estimates the war has cut global oil supply by up to 11 million bpd.
- About 136 million barrels of oil are stranded in the Gulf due to disrupted Strait of Hormuz flows.
- Analysts warn 1-2 million bpd of oil capacity may be permanently lost even after the conflict ends.
- Restoring pre-war oil production could take months due to damaged infrastructure and export bottlenecks.
COMPANIES
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