Commodities
IEA Cuts 2026 Oil Supply Forecast Amid Ongoing Middle East Tensions
The International Energy Agency (IEA) has reduced its forecast for global oil supply in 2026, citing ongoing hostilities in the Middle East as a major contributor to the downward revision.
In its monthly oil market report, the IEA predicted that global oil supply will fall by 4.3 million barrels per day (bpd) this year, down from a previous forecast of 3.7 million bpd.
This represents a 4% drop in supply and takes total supply to the lowest level yet for this year at 102.02 million bpd.
The IEA also expects an oil market deficit of 1.8 million bpd over July-September, marking a 1 million bpd downward revision from its previous forecast.