Global oil supplies in 2026 will rise 2.5 million barrels per day to 108.7 million bpd in 2026, the International Energy Agency said in its latest monthly report.
A month earlier, the IEA forecast growth of almost 2.4 million bpd to 108.6 million bpd, so the latest forecast was raised by 100,000 bpd.
The agency maintained its estimate for global oil supply in 2025 at 106.2 million bpd. Thus, global supply increased by 3.2 million bpd last year.
Global supply fell 350,000 bpd in December to 107.4 million bpd, marking a third consecutive month of decline, by 1.6 million bpd from the record September 2025 level.
OPEC+ oil production last month decreased by 100,000 bpd, as production cuts in several Middle Eastern countries outpaced supply growth from Russia. Non-OPEC+ oil production fell 250,000 bpd compared to the previous month, amid a seasonal drop in biofuel supplies, offset by increased sales from Norway and Brazil, the report says.
