Commodities
IEA Slashes Oil Supply Forecast Amid Ongoing Middle East Tensions
The International Energy Agency (IEA) has revised its forecast for global oil supply in 2026, predicting a contraction of 1.6 million barrels per day from this year's levels.
This drop is attributed to ongoing hostilities in the Middle East, particularly in the Strait of Hormuz, which have led to reduced refining activity and tightened product supplies.
The IEA also expects an oil market deficit of 1.8 million barrels per day over July-September, marking a downward revision from its previous forecast of 1 million bpd.