The International Energy Agency (IEA) estimated on Tuesday that global oil supply will fall by 1.5 million barrels per day (bpd) in 2026, compared to an increase of 1.1 million bpd forecast in last month's report. Meanwhile, demand is seen dropping by 80,000 bpd, down from a rise of 640,000 bpd previously, while supply is expected to exceed demand by 410,000 bpd, compared to 2.46 million bpd projected in March.
The IEA said that oil, fuel and natural gas liquid traffic through the Strait of Hormuz decreased to 3.8 million bpd in early April, down from over 20 million bpd before the start of the United States-Israel military campaign against Iran. It argued that restoring free navigation through the strait, which is currently also blockaded by the US, is the "single most important variable" in resolving the current energy crisis.
https://breakingthenews.net/Article/IEA:-World-oil-supply-to-drop-1.5M-bpd-in-2026/66062726
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