The International Energy Agency deepened its 2026 oil demand cut in the September Oil Market Report, citing an impasse in U.S.-Iran talks and deferring a full Gulf producer recovery into 2027. Reuters said the agency now sees world oil demand falling 2.5 million barrels a day in 2026, versus a prior forecast decline of 1.6 million barrels a day.
Newsquawk’s OMR feed put 2026 world supply 1.74 million barrels a day below demand, wider than the prior 1.27 million barrel-a-day gap. Reuters and Radiocor said 2026 supply falls 5.7 million barrels a day to 100.7 million barrels a day, with full Gulf recovery deferred to 2027. Demand is seen rebounding 2.6 million barrels a day in 2027.
A separate Reuters Moscow piece cut Russian crude outlooks to 8.7 million barrels a day in 2026 and 8.6 million in 2027, with August output at 8.36 million barrels a day. Figures are wire-corroborated agency forecasts, not futures settles.
Sources: Reuters London OMR; Reuters Moscow Russia IEA; Newsquawk OMR feed (deficit 1.74 vs 1.27); Il Sole Radiocor.
