IEA Predicts Global Oil Demand Will Drop by 2026

The International Energy Agency (IEA) now anticipates that global oil demand will decrease by 1.1 million barrels per day year-over-year in 2026. This new forecast represents a reduction of 700,000 barrels per day compared to the agency's report issued in May.

This downward trend follows a sharp drop in deliveries during the second quarter, which occurred as fuel prices rose.

Regarding supply, the IEA projects that global levels will dip to 102.4 million barrels per day in 2026. However, these figures are expected to recover, rising to 110.3 million barrels per day by 2027.