Global oil supply, stocks, and consumption in decline

The International Energy Agency has reported a global decrease in oil supply, stocks, and consumption, highlighting a shortage of 1.8 million barrels per day. This decline is attributed to various factors, including reduced production from Russia, as noted by OPEC.

Additionally, the Organization of the Petroleum Exporting Countries announced that it had to lower its oil consumption forecasts for 2026 for the fourth consecutive time, setting them at around 580,000 barrels per day. However, for 2027, forecasts indicate an increase in global demand of about 2.2 million barrels per day compared to the previous year.