According to the International Energy Agency’s (IEA), geopolitical tensions and disruptions to oil supplies are having a significant impact on the balance of the global oil market. It was noted that global oil supply is expected to decline by an average of 4.3 million barrels per day in 2026, falling to 102 million barrels per day. In 2027, global supply is projected to increase by 8.3 million barrels per day, reaching 110.3 million barrels per day. According to the report, global oil production increased by 2.4 million barrels per day in July from the previous month, reaching 101.5 million barrels per day. Global oil inventories fell sharply by 69 million barrels in July, mainly due to a decline in seaborne oil volumes.