IEA Raises Its Oil Demand Forecast for 2026
The International Energy Agency (IEA) has revised upwards its forecast for global oil demand growth for 2026, now set at 930,000 barrels per day, up from the previous 860,000 barrels per day.
Upward Revision of Global Demand
The IEA forecasts an increase in global oil demand of 930,000 barrels per day in 2026, compared to a previous estimate of 860,000 barrels per day. Non-OECD countries will account for all of this demand growth in 2026.
Strong Growth in Oil Supply
The global supply of crude oil is expected to increase by 2.5 million barrels per day by 2026, reaching 108.7 million barrels per day. The IEA estimates that the global economy has adapted and recovered from the tariff-related disruptions of the previous year, while oil prices are lower than they were a year ago, leading to an increase in global oil demand.
A Persistent Supply Surplus
Based on calculations by Reuters derived from the IEA report, global oil supply is expected to exceed demand by 3.69 million barrels per day in 2026, which is a slight decrease from the surplus of 3.84 million barrels per day estimated in the previous December report.
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