Khaberni - The International Energy Agency expects global oil supplies to decline sharply in 2026, continuing repercussions of the war in Iran and fluctuating flows through the Strait of Hormuz.
The agency said in its monthly report that global oil supplies will decrease by approximately 3.9 million barrels per day in 2026, assuming gradual resumption of flows through the Strait of Hormuz starting June, compared with previous estimates which indicated a decrease of 1.5 million barrels per day.
It added that the total global oil supply will be about 1.78 million barrels per day less than the demand in 2026, against a previous expectation of a surplus of 0.41 million barrels per day.
The agency noted that it expects global oil demand to decline by about 420 thousand barrels per day in 2026 due to the war, compared with previous estimates that predicted a decrease of about 80 thousand barrels per day.
It also estimated that the total global supply losses due to the closure of the Strait of Hormuz since February have reached about 12.8 million barrels per day.
