IEA Forecasts Decline in Global Oil Demand in 2026

IEA Forecasts Decline in Global Oil Demand in 2026 In Brief: The International Energy Agency (IEA) forecasts global oil demand will fall by 2.6 million barrels per day in 2026, a drop it attributes to disruptions caused by the war in Iran and sharp price increases. The agency's previous forecast was a daily decline of 2.5 million barrels. The agency also expects global supply […]

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The International Energy Agency (IEA) has predicted that global oil demand will decrease by 2.6 million barrels per day in 2026; A drop that this institution has attributed to the disruptions caused by the Iran war and the sharp increase in prices. The agency's previous forecast was a 2.5 million barrel daily drop in demand.

The institution also expects the global oil supply to decrease by 5.8 million barrels per day in 2026; In the previous forecast, the daily drop was estimated at 5.7 million barrels.

According to the agency report, Russian oil production in September compared to August increased by 65 thousand barrels per day and reached 8.43 million barrels; However, this daily figure was 870,000 barrels less than a year ago.

The International Energy Agency also announced that the recent reduction of Russia's diesel export restrictions is unlikely to significantly change the balance of the global diesel market due to the limitations of the country's refining capacity.