IEA Cuts Forecasts for Global Oil Supply and Demand Growth

The energy watchdog predicts oil supply to plummet by 1.5 million barrels per day this year, a massive drop from the 1.1 million rise it forecast last month.

A ship is seen off the coast of Sharjah, UAE, on April 13, 2026. AFP via Getty Images

The International Energy Agency (IAE) slashed its global oil supply and demand growth forecasts on April 14, saying both are now expected to fall from their 2025 levels as the war in the Middle East disrupts oil flows.

The Paris-based body now envisions global oil demand falling by 80,000 barrels per day (bpd) during the current year, compared with a projected year-on-year rise of 640,000 bpd in its March monthly report.