IEA Upgrades 2026 Oil Demand Forecast, Raises Production Outlook

MOSCOW, July 10 (NNN-Sputnik/RIA Novosti) -- The International Energy Agency (IEA) has slightly upgraded its forecast for global oil demand in 2026. It now expects the demand to decline by 1.05 million barrels per day to 103.463 million barrels per day, the organisation said in its fresh report on Friday, according to Sputnik/RIA Novosti.

The updated data showed that demand is expected to decrease by 1.047 million barrels per day this year, which is 71,000 barrels per day less than the previous forecast of 1.118 million barrels per day issued a month ago.

At the same time, global oil demand in 2026 is expected to reach 103.463 million barrels per day, compared with 103.292 million barrels per day in the previous report.

Meanwhile, IEA has also upgraded its forecast for global oil production in 2026 by 0.22 million barrels per day to 3.65 million barrels per day, and now expects total production to reach 102.6 million barrels per day, according to its latest report on Friday.

According to the previous report, the agency expected the 2026 production to decrease by 3.87 million barrels per day to 102.37 million barrels per day.

--NNN-SPUTNIK/RIA NOVOSTI