The IEA's oil market report for May noted that global oil supply declined by a further 1.8 million barrels per day in April.

The IEA's oil market report for May noted that global oil supply declined by a further 1.8 million barrels per day in April.

The IEA and Opec have both lowered their forecasts for global oil demand in 2026, but the producer group sees a far more resilient oil market.

OPEC cut its demand growth estimates for 2026 to about 1.2 million barrels per day.