According to the IEA, what is the current state of the global oil market and how long is the supply deficit expected to last?

The International Energy Agency (IEA) states that the world oil market is 'severely undersupplied' and will remain in deficit until the fourth quarter (Q4) of the year.

What does the IEA report about annual global oil demand change, and which sector experienced the steepest contraction in demand for feedstocks?

The IEA sees an annual demand contraction of 420,000 barrels per day (b/d); among sectors, petrochemical feedstocks have seen the steepest demand contraction.

World oil market 'severely undersupplied,' to stay in deficit until Q4: IEA

May 13, 2026

The IEA forecasts the global oil market will remain undersupplied with a deficit until Q4, citing a 420,000 b/d annual demand contraction. Petrochemical feedstocks saw the steepest demand decline.

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World oil market severely undersupplied, to stay in deficit until Q4 – IEA

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