The International Energy Agency (IEA) released its April Oil Market Report. This analysis follows the US-led blockade of the Strait of Hormuz and subsequent military conflict. IEA chief Fatih Birol described the situation as the worst global energy disruption on record.
The release follows a Monday report from OPEC that lowered second-quarter demand forecasts by 500,000 barrels per day. OPEC maintained its full-year outlook in anticipation of a market rebound.
Investors are monitoring the IEA’s assessment of demand destruction caused by soaring prices. The agency is evaluating the ability of non-OPEC nations to offset production shut-ins from Gulf producers. The IEA, IMF, and World Bank are coordinating to assess the war's economic impact on energy-importing nations.