According to IEA estimates, global oil supplies rose by 2.4 million bpd in July to 101.5 million bpd, as Gulf countries continued to restore oil production

IEA forecasts a sharper oil supply deficit amid the Iran conflict. Crude oil reaching a new all-time high by December 31 at 12.5% YES.

IEA cuts 2026 oil demand forecast due to Strait of Hormuz closure. Crude oil reaching a new all-time high by September 30 at 3.8% YES, by December 31 at 12.5% Y.

Agency now sees global supply averaging 102 million bpd this year