Global average daily oil demand is expected to decrease by 2.6 million barrels this year, APA-Economics reports, citing the October report of the International Energy Agency (IEA).
According to the report, global average daily oil demand will decline by 2.5 million barrels year-on-year in the fourth quarter of 2026.
The effects of the war with Iran, restrictions on the supply of petroleum products, a sharp rise in fuel prices, and deteriorating economic prospects are contributing to the decline in demand. Approximately 25% of the decrease is forecast to come from diesel fuel.
In 2027, global average daily oil demand is expected to increase by 2 million barrels. Nevertheless, the figure will remain 620,000 barrels, or 0.6%, below the 2025 level.
According to the IEA's forecast, global average daily oil supply will decrease by 5.8 million barrels to 100.7 million barrels in 2026, before increasing by 7.7 million barrels in 2027.
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