Baku: The International Energy Agency (IEA) has adjusted its forecast for global daily oil supply in 2026, projecting a decline by 0.6 million barrels compared to its earlier expectations. This revision is detailed in the IEA's monthly report, as reported by APA-Economics.

According to Azeri-Press News Agency, the IEA now anticipates that the global daily oil supply will decrease by 4.3 million barrels, reaching 102 million barrels in 2026. This contrasts with the agency's outlook for 2027, where it expects an increase in supply by 8.3 million barrels, resulting in a total of 110.3 million barrels per day.

The IEA's estimates also indicate that the global daily oil supply saw a rise of 2.4 million barrels in July, bringing the total to 101.5 million barrels. This increase was attributed to the efforts by Gulf countries to restore oil production.