OPEC Cuts Oil Demand Forecast as Hormuz Shock Pushes Output Lower -- Update
Daily 'bleeding' of 4 million barrels! IEA: The 'de facto closure' of the Strait of Hormuz is causing global oil inventories to deplete at the fastest rate in history.
The International Energy Agency (IEA) has warned that global oil inventories are declining at a record pace due to supply disruptions in the Middle East exacerbated by the war in Iran, and this trend is expected to continue in the coming months.
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