Energy agency lowers world oil demand forecast for the year
The agency said diesel will make up 25% of the expected drop as global supply tightens and the economic outlook worsens.
- The International Energy Agency reported on Wednesday that global oil demand is projected to fall 2.5 million barrels a day year-over-year in the fourth quarter, with overall demand declining 2.6 million barrels a day this year.
- Escalating war in Iran has limited oil supplies and fueled price volatility, with Brent crude pinballing between $96 and nearly $110 over the last month. The International Energy Agency noted that renewed Gulf attacks leave the global recovery fragile.
- Driven by Saudi Arabia and the United Arab Emirates, global production reached 102.3 million barrels a day in September. Supply is expected to drop 5.8 million barrels a day to 100.7 million barrels a day this year before climbing next year.
- President Donald Trump announced a deal on Friday with Russian President Vladimir Putin to supply more than 300,000 tons of diesel. This follows the Group of Seven's plan to release 100 million barrels of oil and fuel products in the coming weeks.
- Gas prices averaged $4.33 per gallon on Wednesday, according to AAA, remaining higher than a month ago. Energy policy experts claim the new pacts are unlikely to reduce high prices at the pump.
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25 Articles
The Toronto Star
Energy agency lowers world oil demand forecast for the year
The International Energy Agency is lowering its world oil demand forecast for the year, noting that the war in Iran is leading to escalating fuel prices, limited oil supplies and a deteriorating economic outlook.
Energy agency lowers world oil demand forecast for year
The International Energy Agency is lowering its world oil demand forecast for the year, noting that the war in Iran is leading to escalating fuel prices, limited oil supplies and a deteriorating economic outlook.
El Vocero de Puerto Rico
Independent EspañolThe International Energy Agency reduced its forecast of global oil demand for this year, noting that the war in Iran causes an escalation of fuel prices, a limited supply of oil, and a deterioration in...
In the monthly report on the oil market released on Wednesday 14 October, the IEA states that throughout the year, the decline in world oil demand will be 2.6 million barrels per day compared to 2025, as the war in Iran restricts the availability of fuels, triggers prices and deteriorates economic prospects.
The International Energy Agency (IEA) reduced its forecast of global oil demand growth during 2027, with the continuing repercussions of Iran ' s war on... the post oil market facing a new surprise... war remixing papers appeared first on Libya ' s eye... Libya ' s latest news.
The International Energy Agency reduced its global oil consumption forecast by 2026 and attributed the deterioration to the war in Iran, the highest prices and weaker economic prospects. Although it expects a partial upturn next year, the agency warns that attacks in the Gulf keep the recovery fragile.
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