<ul><li>The International Energy Agency (IEA) lowered estimates for new supplies outside the Organization of the Petroleum Exporting Countries (OPEC) by 200,000 barrels per day.</li><li>The IEA slashed forecasts for global oil demand this year and predicted a persistent supply surplus in 2026 due to trade tensions and the rising popularity of electric vehicles.</li><li>Oil prices slumped to a four-year low and recent trade tariffs have prompted a downgrade in oil demand forecasts.</li><li>World oil inventories are near the bottom of the five-year range, and OPEC's secretariat has also trimmed oil demand projections.</li></ul>

Global Oil Surplus To Persist In 2026 As Demand Sags, IEA Says

Discover more