Baku:Global average daily oil demand is projected to fall by 2.6 million barrels this year. This information comes from the October report of the International Energy Agency (IEA), as reported by APA-Economics.

According to Azeri-Press news agency, the IEA report anticipates a year-on-year decrease of 2.5 million barrels in global average daily oil demand in the fourth quarter of 2026. The decline is attributed to factors such as the war with Iran, restrictions on petroleum product supplies, a sharp increase in fuel prices, and worsening economic conditions. Diesel fuel is expected to account for approximately 25% of the reduction in demand.

Looking ahead to 2027, global average daily oil demand is forecasted to rise by 2 million barrels. However, this figure will still be 620,000 barrels, or 0.6%, below the levels seen in 2025.

The IEA also predicts that global average daily oil supply will decrease by 5.8 million barrels to 100.7 million barrels in 2026, with an increase of 7.7 million barrels expected in 2027.