IEA cuts global oil demand growth forecast for 2026

The IEA lowered its forecast for global oil demand growth this year to 850,000 bpd

The International Energy Agency (IEA) lowered its forecast for global oil demand growth this year to 850,000 barrels per day (bpd), down from a previous estimate of 930,000 bpd, citing economic uncertainty and the impact of higher crude prices on consumption.

Global oil demand grew by 770,000 bpd last year, and non-OECD economies are expected to account for the entire projected increase this year.

In its monthly report released on Thursday, the agency said global oil supply fell by 1.2 million bpd in January to 106.6 million bpd, as severe winter weather disrupted production in North America and flows from Kazakhstan, Russia, and Venezuela declined.

The IEA now expects global oil production to rise by 2.4 million bpd this year to 108.6 million bpd.