London: The International Energy Agency (IEA) has significantly revised its forecast for global oil production growth in 2026, lowering its expectations by more than half. The agency’s recent report indicates a substantial adjustment in the predicted increase of global average daily oil production.
According to Azeri-Press News Agency, the IEA now forecasts that global average daily oil production will rise by 1.11 million barrels in 2026, reaching a total of 107.23 million barrels per day. This is a notable decrease from the agency’s previous projection, which anticipated an increase of 2.39 million barrels per day, resulting in a total production of 108.56 million barrels daily.
The latest report from the IEA reveals a reduction of 1.28 million barrels per day in its forecast for the growth of global average daily oil production. This adjustment reflects a significant shift in the agency’s expectations and underscores the changing dynamics of the global oil market.