IEA Reports Global Oil Supply Disruptions Amid Azerbaijani Stability

Azerbaijan's oil production has remained stable amid global supply disruptions, according to a report by the International Energy Agency (IEA). In July 2026, Azerbaijan produced an average of 440,000 barrels per day, unchanged from June. The IEA notes that geopolitical tensions and disruptions to oil supplies are impacting the global market.

Global oil supply is expected to decline by 4.3 million barrels per day in 2026, falling to 102 million barrels per day. However, the IEA projects a significant increase in supply for 2027, with an anticipated rise of 8.3 million barrels per day to 110.3 million barrels per day.

Global oil demand is forecasted to decline by 1.6 million barrels per day in 2026, which is 510,000 barrels per day more than projected in the previous month's report. The IEA attributes this decrease to the continued closure of the Strait of Hormuz and high fuel prices.

Global oil production increased by 2.4 million barrels per day in July from the previous month, reaching 101.5 million barrels per day. However, this is 6.3 million barrels per day lower than in the same month last year. The IEA also notes that significant changes were recorded in the oil refining sector, with global refinery crude processing increasing by 1.8 million barrels per day month-on-month.