The International Energy Agency (IEA) has updated its forecasts for the global oil market and sees a substantial surplus from 2027, provided the preliminary agreement between the United States and Iran remains in force. In its report published on Wednesday, the IEA assumes that normalizing oil flows will take several months.
For 2026, the IEA expects global oil demand to decline by 1.1 million barrels per day. This development is attributed to higher prices resulting from the Gulf conflict and ongoing supply disruptions, which reduced daily oil deliveries by five million barrels in the second quarter.
In 2027, however, demand could rise by about two million barrels per day, while supply is expected to increase by roughly eight million barrels per day. Many countries could seize the opportunity to replenish their inventories, which have been drawn down since the start of the conflict.
Source: www.handelsblatt.com
