IEA forecasts worsening global oil shortages in 2026
The International Energy Agency expects an increase in the global oil supply shortage in 2026, as both production and demand decline, with delayed oil flows from the Middle East due to the ongoing Iran conflict and its impact on rising prices. The global oil supply is projected to decrease by 5.7 million barrels per day, approximately 6%, compared to previous forecasts. This shortage is leading to record-breaking consumption of reserves, which fell by 3.1 million barrels per day in August, with expectations of continued decline in global oil demand by 2.5 million barrels per day this year, driven by unprecedented high fuel prices.
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