Global oil demand is projected to decline by 2.7 million barrels per day (mb/d) in 2026 to 102.3 mb/d before rebounding by 2 mb/d in 2027, as per the report. (File Photo)
\n\nThe global oil industry is heading towards a major shift in market dynamics, with crude supplies expected to exceed consumption in the final quarter of 2026 and the surplus likely to widen considerably in 2027. A faster-than-anticipated recovery in production, coupled with a slower rebound in consumption, is expected to reshape the international energy market, according to the International Energy Agency's (IEA) November Oil Market Report.
\n\nThe latest assessment indicates that global oil supplies have moved ahead of demand for the first time since the outbreak of the war in Iran. The development points towards a gradual easing of the supply pressures that have affected international markets in recent months.
\n\n"Our November supply and demand balances suggest that the global oil market will return to a surplus in 4Q26, with a more substantial build in 2027," the IEA stated.
\n\nGlobal Oil Consumption Faces Another Year Of Decline
\n\nThe IEA expects worldwide oil demand to contract by 2.7 million barrels per day (mb/d) in 2026, bringing average consumption to…
Original source: https://www.timesnownews.com/business-economy
