Damage on the cargo ship Tihamah near Murad, Yemen, after a deadly Houthi attack in the Bab Al Mandeb strait. AFPShow caption: Damage on the cargo ship Tihamah near Murad, Yemen, after a …Agency now sees global supply averaging 102 million bpd this year
The IEA cut its 2026 global oil supply forecast by 600,000 bpd to a 4.3 million bpd decline, the lowest supply outlook of the year.
Global oil supply is now expected to average 102 million bpd in 2026, with the outlook dependent on the reopening of the Strait of Hormuz and Bab el-Mandeb.
Gulf oil production rose 2.5 million bpd to 23.9 million bpd in July, but remained 8.3 million bpd below pre-conflict levels as producers struggled to move barrels to market.
Shipments through Hormuz and alternative pipeline routes fell 2.1 million bpd to 15 million bpd after the waterway was effectively closed again in early July.
