IEA sees faster growth in global oil demand in 2026

The IEA said global oil supply fell by about 350,000 bpd month on month in December to 107.4 million bpd

The International Energy Agency (IEA) expects global oil demand to grow by 930,000 barrels per day (bpd) in 2026, up from 850,000 bpd in 2025, supported by a return to more normal economic conditions after tariff-related disruptions last year.

In a report released on Wednesday, the agency said global oil supply fell by about 350,000 bpd month on month in December to 107.4 million bpd, around 1.6 million bpd below the peak recorded in September.

For 2026, the IEA expects global supply to rise by about 2.5 million bpd to 108.7 million bpd, following an increase of 3 million bpd in 2025, with producers outside OPEC+ accounting for around 1.3 million bpd of the projected growth.

Meanwhile, observed global oil inventories rose by about 75.3 million barrels in November 2025, equivalent to 2.5 million bpd, while stocks held by OECD countries increased by 7.3 million barrels to 2.84 billion barrels.