Oil price spike turmoil far from over, IEA says as inventories are depleted at “record pace”

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Oil prices could rise further over the summer as rapidly depleting inventories pile more pressure on the market, the IEA said.
The energy agency also flagged further demand destruction as a result of the war, forecasting a contraction of 420 thousand barrels per day by the end of 2026.
Despite the loss of demand, the authors still expect the oil market to end the year in a deficit.

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