Global 2026 oil supply shortfall to deepen as Hormuz reopening remains elusive, IEA says
The Paris-based agency said renewed hostilities and shipping disruptions will deepen the market shortfall as global inventories keep falling.
- On Wednesday, August 12, 2026, the International Energy Agency sharply cut its 2026 oil outlook, projecting a 4.3 million barrels per day supply decline and a 1.6 million barrels per day demand drop.
- Renewed hostilities and the Strait of Hormuz closure since late February have severely constrained global energy shipments, forcing the IEA to warn that inventory buffers are rapidly depleting.
- The IEA reports a global oil supply deficit of 1.8 million barrels per day, while Department of Energy data shows the Strategic Petroleum Reserve fell below 300 million barrels last week, its lowest level since January 1983.
- Diverging from the IEA's contraction forecast, the Organization of the Petroleum Exporting Countries projects growth of 600,000 barrels per day for 2026, though elevated fuel prices suppress consumption.
- Assuming gradual de-escalation, the IEA expects market surplus by year-end, though production and trade patterns will likely take until early 2027 to normalize, according to the agency's outlook.
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155 Articles
Saudi Aramco’s Chief Says the World Has Now Lost 2.6 Billion Barrels, the Worst Oil Disruption Since 1979
Of the 1.5 billion barrels in emergency stocks, the IEA cannot order the commercial half released, leaving governments under a billion. The American reserve sits at 298.7 million, its first time below 300 million since 1983.
The McDowell News
Oil supply disruptions may last through 2027
The U.S. now expects oil supply disruptions stemming from the U.S.-Iran war to reach about 600,000 barrels per day through the end of next year as the conflict continues to crimp shipments via the critical Strait of Hormuz.
INTELLINEWS
Courrier internationalWorld oil reserves, which so far have helped to mitigate the effects of the halting of maritime traffic in the Strait of Ormuz, fell sharply in July, warns the International Energy Agency. Its last report does not plan to improve until the end of the year. Source link: https://www.international mail.com/article/energy-la-crise-petroliere-liee-a-la-guerre-en-iran-s-aggravated_258733 Author: Publisher date : 2026-08-13 12:43:00 [...]
The price of Brent's oil barrel for delivery in October ended this Thursday, August 13th, in the London futures market at a low of 2.14%, to 87.07 dollars. The North Sea crude, of reference in Europe, closed the session at the Intercontinental Exchange to quote 1.91 dollars below the 88.98 dollars with which it closed the transactions on Wednesday. Brent interrupted a five-day rise sequence, while investors carefully analyzed the downward review…
China Is Sitting on 1.4 Billion Barrels of Stored Oil. America’s Emergency Reserve Just Fell Below 300 Million.
World Risks Major Oil Crisis As IEA Issues New Warning – Just as analysts have warned would happen for months, the world is burning through hundreds of millions of barrels of stored oil as the Strait of Hormuz remains effectively closed – a problem that could lead to a much more serious energy crisis later this year if Iran and the United States cannot break their deadlock. According to a warning from the International Energy Agency (IEA) this w…
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