IEA revises down 2026 global oil supply outlook

The International Energy Agency has slashed its global oil supply forecast for 2026. This comes amid continued disruptions caused by the hostilities between the United States and Iran over the Strait of Hormuz.

An IEA report released on Wednesday says that global oil supply is projected to fall to 102 million barrels per day in 2026. That is a decline of 4.3 million barrels a day compared to 2025. The report also said oil loadings from the Gulf States stood at 20 million barrels per day at the start of July, but that the figure dropped to around 12 million barrels per day later in the month.

The IEA said the urgency to reopen the Strait of Hormuz has increased, "as previously available inventory buffers are rapidly depleting."