IEA slightly raises global oil demand forecast

The International Energy Agency (IEA) has slightly improved its forecast for global oil demand, expecting consumption to decline by 1.05 million barrels per day this year to 103.463 million barrels per day.

According to the agency's July report, oil demand in 2026 is projected to decrease by 1.047 million barrels per day, which is 71,000 barrels per day lower than the previous forecast of a 1.118 million barrels per day decline.

The IEA has also revised its expectations for 2027 upward, forecasting that global oil demand will increase by 2.06 million barrels per day next year, bringing total global consumption to 105.469 million barrels per day.