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IEA Revises 2026 Forecast: Oil Deficit Widens as Iran War Cuts Production
Global oil demand is set to exceed supply in the current year amid the ongoing conflict in the Middle East, reversing previous projections of a surplus.
Summary
Global oil demand is set to exceed supply in the current year amid the ongoing conflict in the Middle East, reversing previous projections of a surplus. According to the May 2026 Oil Market Report by the International Energy Agency (IEA), global oil supply is projected to fall by 3.9 million bpd across 2026, with ~10.5 million bpd of Gulf oil production currently offline.
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