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Finding Nemo, the IEA discovers its ‘missing barrels’

The International Energy Agency (IEA) has again found its ‘missing barrels’. Although the term should be viewed as a misnomer. Barrels are never actually missing; it is just that global demand for oil is being materially under-counted. This is highlighted once again in the IEA’s May 2025 Oil Market Report (OMR), with a major historical …

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