IEA: Global oil demand is expected to decrease by 1.6 million barrels per day by 2026, with the supply gap widening
智通财经2026/08/12 08:21- The International Energy Agency's August Oil Market Report indicates that global oil demand in 2026 is expected to decrease by 1.6 million barrels per day, an increase of 510,000 barrels per day from last month's projection. The continued closure of the Strait of Hormuz and high fuel prices are further weighing on oil consumption. For 2027, global oil demand is expected to expand by 2.4 million barrels per day.
- In July, global oil supply increased by 2.4 million barrels per day to 101.5 million barrels per day, but this is still 6.3 million barrels per day lower than the same period last year. In the Gulf region, 8.3 million barrels per day of production remains shut in.
- The IEA stated that the conflicts and maritime disruptions that re-emerged in July and early August have undermined recovery efforts, causing the third quarter 2026 oil supply forecast to be revised down by 1.7 million barrels per day compared to last month's report.
- Currently, global oil supply in 2026 is projected to average a decline of 4.3 million barrels per day, but is expected to rebound next year by 8.3 million barrels per day to 110.3 million barrels per day.
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