The International Energy Agency (IEA) has reduced its global oil demand forecast for 2026 due to ongoing repercussions from the conflict in the Middle East and rising fuel prices, particularly diesel. This information comes from the agency’s monthly report.
The IEA now estimates global oil consumption at 102.44 million barrels per day, down from last month’s estimate of 103.29 million barrels per day. Additionally, the agency anticipates a decline in global demand next year by approximately 2.5 million barrels per day on a year-over-year basis, compared to its previous August forecast of a decrease of 1.6 million barrels per day.
The report highlights that crude oil prices remain elevated compared to levels before the U.S. and Israeli attacks on Iran in late February, reflecting ongoing geopolitical pressures on the global market.
The agency warns of a sharp increase in diesel costs due to constraints affecting refining operations. Damage to facilities in the Gulf region has led to reduced supplies of this vital fuel for the industrial and transportation sectors.
Furthermore, the IEA notes that Ukrainian strikes on Russian refineries and energy facilities have contributed to rising global fuel prices, which may prompt consumers to cut back on their purchases in the near future.
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