Although there has been no direct impact on supply so far, the IEA said it stood ready to take action if needed to ensure adequate supply.
Meanwhile, as 2024 approaches, a higher interest rate environment aimed at curbing inflation in major Western economies and the resulting stronger US dollar is dampening demand in low-income emerging markets such as Nigeria, Pakistan and Egypt, the IEA said. he said.
Yet, so far, demand is seeing solid growth in major oil consumers, particularly China, India and Brazil, it said.