IEA: Strait of Hormuz Crisis Cuts Global Oil Supply by 12.8 Million Barrels Per Day

The IEA reported that global oil supply declined by 1.8 million barrels per day in April, bringing total losses since February to 12.8 million barrels per day due to the Strait of Hormuz crisis. While Atlantic Basin production is partially offsetting the disruption, global oil supply is projected to decline by 3.9 million barrels per day in 2026. Global oil demand is also forecast to contract by 420,000 barrels per day year-on-year.