IEA says global oil supply remains stable despite Middle East tensions

Global oil markets are still "adequately" supplied despite rising tensions in the Middle East, according to the International Energy Agency (IEA), which said member nations could release reserves if needed. Iranian missile strikes on Israel earlier this month caused crude prices to spike over fears of supply disruptions.

The IEA highlighted that the end of Libya's oil blockade, weaker demand, and minor output losses from US hurricanes have stabilized markets. While exports from Iran and neighboring countries remain unaffected, the agency remains ready to act if necessary, recalling swift action taken in 2022 during the Ukraine crisis.

The IEA also forecast a significant slowdown in global oil demand growth for 2024, driven by a deceleration in China.