What is the IEA's latest estimate for the global oil supply deficit this quarter, and what factors are driving it?

The IEA estimates a global oil supply deficit of 1.8 million barrels a day this quarter, driven by 'renewed hostilities and maritime disruptions' that are undermining a production recovery, even as high fuel prices deepen the hit to demand.

How has the IEA revised its forecast for global oil demand decline in 2024, and why is this significant?

The IEA has deepened its estimate for 2024’s global oil demand decline by almost 50% to 1.6 million barrels a day — the biggest annual average slump since the 2020 Covid pandemic — due to elevated fuel prices squeezing consumers and dampening demand.

IEA Sees Wider Oil Supply Deficit Despite Hit to Demand From War

Aug 12, 2026

The IEA predicts a record oil supply deficit of 1.8 million barrels daily due to Iran war disruptions, causing inventories to tumble while high prices suppress demand globally.

bloomberg

2026-01-21

Oil demand set to rise in 2026, supply and stocks continue to climb – IEA

2026-01-22

IEA Raises 2026 Global Oil Demand Growth Forecast

2026-03-12

Largest-Ever Oil Reserve Release Fails to Fill Gap, International Oil Prices Continue to Rise

2026-03-17

IEA: "If Necessary" Will Further Release Oil Reserves

2026-03-24

IEA Member Countries to Release Over 400 Million Barrels of Oil Reserves