IEA cuts 2026 oil demand outlook by 2.5 million bpd
IEA forecasts 2026 world oil demand to drop by 2.5M bpd and sees 2026 global oil supply averaging 100.7M bpd, down 5.7M bpd from 2025.
27M BPD lower. It now sees a full recovery in oil supplies from Gulf producers deferred until 2027. 3M BPD lower than the previous forecast. Global observed oil inventories fell by a further 95M barrels in August.
The IEA said progress in resolving the Middle East and Russia-Ukraine conflicts is needed more than ever to avoid further oil market tightening.