Paris: The International Energy Agency (IEA) has lowered its forecast for global oil demand growth in 2026, citing the impact of rising prices on consumption.
According to Qatar News Agency, in its monthly oil market report released today, the agency explained that its forecast for global oil demand growth in 2026 has been reduced to 850,000 barrels per day (bpd), compared to a previous estimate of 930,000 bpd.
The Energy Information Administration (EIA) indicated that inventories increased by 8.5 million barrels to 428.8 million barrels last week, suggesting that oil prices are likely to continue rising, supported by tensions between the United States and Iran and the tightening of sanctions on Russian oil.