IEA Monthly Report: Global crude oil demand growth forecast for 2026 is 850,000 barrels/day

2026-02-27 16:41:48

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IEA Monthly Report: Global crude oil demand growth forecast for 2026 is 850,000 barrels per day (previously estimated at 930,000 barrels per day). Total global oil supply in 2026 will exceed demand by 3.73 million barrels per day (previous report was 3.69 million barrels per day). Russia’s crude oil exports in January decreased by 350,000 barrels per day compared to December, down to 4.67 million barrels per day. Global oil demand is expected to grow by an average of 770,000 barrels per day in 2025. The non-OPEC+ supply growth forecast for 2026 has been revised down from 1.3 million barrels per day to 1.2 million barrels per day. The total demand in 2026 is projected to average 105 million barrels per day. Russia’s oil and fuel export revenue in January increased to $11.11 billion, up from $10.99 billion in December. The global oil supply growth forecast for 2026 has been revised down from 2.5 million barrels per day to 2.4 million barrels per day. It is expected that OPEC+ supply will grow by 1.2 million barrels per day in 2026. Non-OPEC+ production in January decreased by 1.1 million barrels per day. OPEC+ production in January declined by 160,000 barrels per day.

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