The global energy market is witnessing a shortage in crude oil supplies due to global crises and the restrictions imposed by oil-producing countries.
An analysis by the International Energy Agency indicated that the global oil market will face supply shortages this year, due to production restrictions imposed by the Organization of the Petroleum Exporting Countries Plus (OPEC+) group, which are set to continue until the second half of 2024.

The major oil-producing countries decided to keep their supplies limited at the beginning of March, and the production cuts will continue until mid-2024, but the International Energy Agency's report assumes that the restrictions will remain in place until the end of the year.

The agency previously assumed there would be a surplus in crude oil this year.

The agency raised its forecast for the growth in global daily oil demand this year by 110,000 barrels to 1.3 million barrels, noting improved economic forecasts in the United States and increased demand for marine fuel, used in maritime transport.

The Paris-based agency said, "The changing assumptions mean that the expected crude oil balance shows a slight shortage rather than a huge surplus like last month's report."