IEA sharply cuts 2026 global oil demand forecast

The International Energy Agency has significantly lowered its 2026 global oil demand forecast compared with previous projections, according to a report released on Wednesday. Tables accompanying the report show global oil demand falling by 1.118 million barrels per day in 2026, a reduction of 700,000 barrels per day deeper than the agency's prior monthly estimate of a 418,000 barrel-per-day decline. The agency now expects global oil demand to average 103.292 million barrels per day in 2026, down 735,000 barrels from the previous forecast of 104.027 million barrels per day. The IEA also projected that demand will begin rising again in 2027, increasing by roughly 2 million barrels per day to reach 105.3 million barrels per day.