IEA Cuts World Oil Demand Forecast
IEA sees world oil demand falling by 1.6 million BPD in 2026
Sees Total World Oil Supply 1.27 Million BPD Lower Than Demand In 2026 In Monthly Report (Vs.
860,000 BPD Lower In Previous Report) For 2027 Sees World Oil Supply 4.61 Million BPD Above Total Demand (Previous Forecast 4.62 Million BPD) Middle East Oil Exports Peaked At 20 Million BPD At Start Of July But Fell To 12 Million BPD Later In The Month Sees Oil Market In 1.8 Million BPD Deficit In Q3 On Renewed Hostilities In Middle East, From 800,000 BPD Deficit Forecast In July Global Oil Refining Was 5 Million BPD Below Year-Ago Levels In July As Spare Capacity Was Unable To Offset Product Supply Bottlenecks Says World Oil Supply To Fall By 4.3 Million BPD In 2026 (Prev.
Forecast 3.7 Million BPD Drop) Global Oil Refining Was 5 Million Bpd Below Year-Ago Levels In July As Spare Capacity Was Unable To Offset Product Supply Bottlenecks