US EditionIEA Slashes Oil Demand Growth Forecast For 2026
The International Energy Agency cut its 2026 oil demand forecast due to slower growth and a sharp 8.5 million barrel rise in U.S. crude inventories last week, signaling surplus concerns.
- On Thursday, the International Energy Agency's monthly report sent oil markets lower, with Brent crude at $69.10 a barrel and U.S. West Texas Intermediate at $64.40 after the move.
- The IEA said global oil demand will rise more slowly this year, projecting a sizeable surplus despite January supply outages.
- EIA data showed U.S. crude inventories climbed by 8.5 million barrels to 428.8 million last week while U.S. refinery utilization rates fell by 1.1 percentage points to 89.4 per cent.
- Talks with Iran remain unresolved after discussions with Israel, with no next meeting announced, causing Brent and WTI to trade negative after the IEA report.
- OPEC projects demand for OPEC+ crude will drop in the second quarter, while U.S. remarks on possible Middle East military deployment add upside risk amid soft demand.
12 Articles
12 Articles
IEA Slashes Oil Demand Growth Forecast For 2026
Global oil demand is expected to rise by 850,000 barrels per day this year, the International Energy Agency (IEA) said on Thursday as it cut its growth estimate from 930,000 bpd expected last month. All the 850,000 bpd growth this year is poised to come from developing economies, with China leading the additional demand, the agency said in its closely-watched Oil Market Report for February. Petrochemical feedstock products are set to accoun…
Week in Review – Ukraine Peace Talks and IEA Demand Cut Shape Oil Price Direction - Mansfield Energy
Oil markets this week reacted to renewed diplomatic activity, with the Kremlin confirming that a fresh round of peace talks on Ukraine is scheduled for next week, keeping conflict risk in focus. Meanwhile, energy fundamentals took center stage as the International Energy Agency cut its 2026 global oil demand growth forecast and highlighted a looming surplus, reinforcing the tension between supply realities and geopolitical risk that continues to…
Oil prices plunge below $1 after IEA cuts forecast
Oil prices fell below $1 per barrel as investors reacted to the International Energy Agency (IEA) lowering its global oil demand forecast for 2026. Brent crude futures dropped $1.26 (1.82%) to $68.14 per barrel, while U.S. West Texas Intermediate fell $1.24 (1.92%) to $63.39 by mid-morning. The big picture: The IEA said global oil demand will grow more slowly than previously expected this year and projected a sizeable supply surplus, despite pre…
Oil prices tumble below $1 as IEA cuts demand forecast
(Investing) – HOUSTON – Oil prices tumbled below $1 a barrel on Thursday investors gave more weight to the International Energy Agency lowering of its global oil demand forecast for 2026 against the receding risk of U.S. attacks on Iran. Brent crude oil futures were down $1.26, or 1.82%, at $68.14 a barrel by 10:16 a.m. CDT (1616 GMT). U.S. West Texas Intermediate crude fell $1.24, or 1.92%, to $63.39. Global oil demand will rise more slowly than
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