Global Oil Supply to Fall by 3.7mbpd in 2026
Ndubuisi Francis in Abuja
Global oil demand is now forecast to decline by 1.0 million barrels per day (mbpd) in 2026, compared with the previous estimate of 1.1 mbpd, the International Energy Agency (IEA) has said in its latest monthly Oil Market Report (OMR).
The agency now expects total world oil supply to average 860,000 barrels per day below demand in 2026, an improvement over its previous estimate of a 920,000 bpd shortfall.
According to the IEA, world oil supply will fall by 3.7 mbpd in 2026 lower than 3.9 mbpd in 2025.
