"The International Energy Agency (IEA) adjusted its forecasts, anticipating an imminent decline in oil consumption, estimating that demand could contract by 80,000 barrels per day this year due to tight supply and high costs."
"The drop of 205 million barrels in stocks outside the Persian Gulf in March suggests that industries and households will soon face a market where physical crude has reached around $150 per barrel."
"The market is reacting not only to price, but also to a serious supply crisis where the fear of product shortages, especially of derivatives like kerosene, is prompting governments to recommend energy-saving measures."
"While Europe has been losing refineries, the Middle East has been building massive new complexes that are now unable to supply global markets because of the conflict with Iran and the blockade of Hormuz."
The global energy market is experiencing demand destruction due to rising refined fuel prices and shrinking supplies. The International Energy Agency forecasts a decline in oil consumption by 80,000 barrels per day this year, driven by the war in Iran and the blockade of the Strait of Hormuz. Depleted inventories are exacerbating the situation, with physical crude prices reaching around $150 per barrel. Governments are recommending energy-saving measures as key products like kerosene and diesel become harder to obtain due to a shift in global refining capacity.
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