Baku:The International Energy Agency (IEA) has issued a warning that global diesel supplies will remain constrained until 2027. This shortage is primarily attributed to supply disruptions stemming from tensions in the Middle East and a reduction in exports from Russia and parts of Asia.

According to Saudi Press Agency, the IEA's Oil Market Report highlights that increased shipments from the United States and China have not been sufficient to counterbalance the decline in exports from Asia. The report emphasizes that the current diesel prices are already having significant impacts on the global economy by increasing the cost of goods, affecting real incomes, economic activity, and contributing to inflation.

The IEA further stated that growing tensions in the crude oil shipping market could lead to higher diesel prices in the coming weeks for key importing markets such as Europe, Africa, and Latin America.

In response to these challenges, the IEA plans to rapidly release emergency oil reserves as requested by the Group of Seven (G7) major industrialized nations.