Global Oil Supply to Fall by 3.7mbpd in 2026

The IEA forecasts global oil demand will decline by 1.1 million barrels per day in 2026 due to Iran war disruptions, with ripple effects across markets.

The IEA noted that oil demand fell by 5.3 million bpd in May to 97.9 million bpd, hitting its lowest level this year

Global Oil Supply to Fall by 3.7mbpd in 2026