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IEA predicts greater supply shortages in 2026
The International Energy Agency's forecasts indicate a significant decline in global oil supplies in 2026, approximately 6% (5.7 million barrels per day), due to the ongoing conflict with Iran, which has postponed the return of oil production from the Middle East until 2027. This dispute, along with the ongoing Ukraine-Russia war, led to a reduction in global inventories by 3.1 million barrels per day in August, accompanied by record-high fuel prices and a decline in global oil demand by 2.5 million barrels per day. The agency considers that making progress in resolving both conflicts has become an urgent priority to prevent continued market tightening and rising prices.
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