IEA: We Expect a Shortfall in Oil Supply Until Next Year

mesoiraq - The International Energy Agency (IEA) announced on Friday that it expects a "shortfall" in oil supply to the global market to continue until next year.

The agency said in an official statement that global oil markets will suffer from "a persistent shortfall expected to worsen in the coming period as a result of the continuation and expansion of the conflict in the Middle East," explaining that "global supply fell by about 95 million barrels last month."

The agency indicated that it "does not expect the level of exports from Gulf countries to recover during the current year," stressing that they "may begin to recover next year, in the hope of returning to their pre-conflict levels."