Global 2026 oil supply shortfall to deepen as Hormuz reopening remains elusive, IEA says
The Paris-based agency said renewed hostilities and shipping disruptions will deepen the market shortfall as global inventories keep falling.
- On Wednesday, August 12, 2026, the International Energy Agency sharply cut its 2026 oil outlook, projecting a 4.3 million barrels per day supply decline and a 1.6 million barrels per day demand drop.
- Renewed hostilities and the Strait of Hormuz closure since late February have severely constrained global energy shipments, forcing the IEA to warn that inventory buffers are rapidly depleting.
- The IEA reports a global oil supply deficit of 1.8 million barrels per day, while Department of Energy data shows the Strategic Petroleum Reserve fell below 300 million barrels last week, its lowest level since January 1983.
- Diverging from the IEA's contraction forecast, the Organization of the Petroleum Exporting Countries projects growth of 600,000 barrels per day for 2026, though elevated fuel prices suppress consumption.
- Assuming gradual de-escalation, the IEA expects market surplus by year-end, though production and trade patterns will likely take until early 2027 to normalize, according to the agency's outlook.
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141 Articles
INTELLINEWS
Courrier internationalWorld oil reserves, which so far have helped to mitigate the effects of the halting of maritime traffic in the Strait of Ormuz, fell sharply in July, warns the International Energy Agency. Its last report does not plan to improve until the end of the year. Source link: https://www.international mail.com/article/energy-la-crise-petroliere-liee-a-la-guerre-en-iran-s-aggravated_258733 Author: Publisher date : 2026-08-13 12:43:00 [...]
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