The International Energy Agency (IEA) cut its global Oil supply and demand forecasts for 2026 amid shipping disruptions in the Middle East. Global Oil supply is now expected to fall by an average of 4.3 million barrels per day (bpd) in 2026 to around 102 million bpd. The agency, however, expects supply to rebound by 8.3 million bpd next year to 110.3 million bpd. World Oil demand is forecast to decline by 1.6 million bpd in 2026, a 510,000 bpd larger drop than estimated in last month’s report. Global Oil demand is then forecast to rise by 2.4 million bpd in 2027.