IEA Ready to Act if Middle East Conflict Hits Oil Supply: Platts

The IEA is ready to act if the current crisis in the Middle East escalates and affects regional oil supplies, as reported by Platts.

• "The IEA will continue to monitor the oil market closely and, as ever, stands ready to act if necessary to ensure markets remain adequately supplied," the IEA said in its latest monthly oil market report. "
• "While the prospect that oil supply flows will be impacted currently remains limited, the deadly strikes prompted traders to price in a higher geopolitical risk premium," it added.
• Although no direct impact to flows is expected amid the conflict between Israel and Hamas, there are concerns that Iran’s support for the militants could result in further sanctions.
• The IEA left its forecast for world oil supply in 2023 largely unchanged on the month at a record 101.6 million b/d.