Global Oil Supplies Drop 5.7M Barrels
The International Energy Agency forecasted that global oil supply will decrease by 5.7 million barrels per day in 2026, representing a 6% decline, due to delays in the return of Middle Eastern supplies resulting from unresolved Iran conflicts, rising prices, and record drawdowns from storage reserves. Additionally, global inventories decreased by 3.1 million barrels per day in August, as rising oil demand amid tight supplies pushed crude prices to around $110 per barrel for the first time since May, while fuel prices such as diesel reached record levels. Global oil demand is expected to decrease by 2.5 million barrels per day this year, exceeding previous estimates which predicted a decline of 1.6 million barrels per day.
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