IEA expects supply shortage on crude oil market in 2024. Polish Foreign Minister does not want to know anything about peace conference in Ukraine

According to the International Energy Agency (IEA), the global oil market is at risk of experiencing a supply shortage this year. The reason is the production cuts of the Opec+ oil network, which according to current plans will continue until mid-year, according to the monthly report published on Thursday. The IEA previously assumed a surplus.

At the beginning of March, the major oil producing countries decided to continue to keep their supply tight. The decline in production volume should continue until mid-year. In its report, the IEA assumes that this restriction will be maintained until the end of the year.

“The changed assumptions mean that the forecast crude oil balance shows a small deficit and not a significant surplus as in last month’s report,” said the Paris-based agency, which advises major economies on energy issues.

The IEA also raised forecasts for global daily oil demand growth this year by 110,000 barrels to 1.3 million barrels. She points to the improved economic outlook in the US and the increased need for marine fuel. Many ships have to take alternative routes due to attacks by Houthi rebels in the Red Sea. (saw/sda/awp/dpa)