IEA Monthly Report: Total global oil supply is expected to be 1.73 million b/d lower than demand in 2026. Global oil supply is expected to exceed total demand by 3.94 million b/d in 2027. Global oil supply will drop 5.8 million b/d in 2026. Global oil demand will drop 2.6 million b/d in 2026 due to disruptions caused by the war in Iran and soaring prices. The diesel market is under significant pressure due to long-term supply disruptions, and supply restrictions for intermediate distillates will continue until 2027. The recent escalation of attacks threatened the recovery of Middle East oil exports in September. Global oil demand is expected to drop 2.5 million b/d in the fourth quarter.

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