Attacks on vessels in the Red Sea that forced some to avoid the Suez Canal initially supported bunker sales, adding 140,000 bpd to international bunkering demand last year, although this was only slightly above trend, the IEA said.
At the same time, weak economic growth and soaring freight and insurance rates acted as headwinds, the IEA added.
(Reporting by Enes Tunagur, editing by Alex Lawler and Tomasz Janowski)