IEA expects global oil demand to decrease by 2.7 million barrels per day to 102.3 million barrels per day in 2026.

IEA Monthly Report: Global oil demand is expected to decrease by 2.7 million barrels per day in 2026, reaching 102.3 million barrels per day. Global oil demand is projected to rebound by 2 million barrels per day in 2027. The decline in global oil demand is expected to narrow to 2.7 million barrels per day in the fourth quarter of 2026, lower than the average decline of 4.4 million barrels per day in the second and third quarters. Member countries plan to further release 71 million barrels of emergency crude oil and refined product inventories by the end of February 2027.