OPEC downgrades forecast for global oil demand growth in 2026

Global oil demand dropping

Global oil demand is set to decline this year for the first time since the height of the Covid-19 pandemic in 2020, according to a report from the International Energy Agency. The drop, which the agency expects to amount to about 1 million barrels per day in 2026, is due to higher oil prices and [] The post Global oil demand dropping appeared first on Egyptian Gazette.

IEA issues oil demand warning

The IEA forecasts a 1 million barrel-a-day decline in global oil demand in 2026 as the Iran war continues to disrupt Middle Eastern exports Read Full Article at RT.com

Global oil demand to drop for first time since 2020 amid Iran conflict, IEA says

LONDON: Global oil demand is on track to decline for the first time since the height of the COVID-19 pandemic, the International Energy Agency said Friday, as war with Iran disrupts production and exports across the Middle East. World oil demand is set to fall by 1 million barrels per day year-over-year in 2026, marking ... Read more The post Global oil demand to drop for first time since 2020 amid Iran conflict, IEA says appeared first on BOL News.

Global oil demand is dropping, but US drivers keep buying more gas

Global oil demand is set to decline this year for the first time since 2020.

IEA issues oil demand warning

The Strait of Hormuz disruption is set to trigger the first annual decline in crude consumption since Covid-19, the energy watchdog saysGlobal oil demand is on track to post its first annual decline since the Covid-19 pandemic as the US-Iran war has severely disrupted Middle Eastern oil production and exports, the International Energy Agency (IEA) has said.The Middle East conflict, trigge

Harga minyak minyak dijangka capai AS$65 setong menjelang Oktober

PETALING JAYA: Harga minyak mentah global dijangka terus berada dalam aliran menurun dan berpotensi mencecah AS65 (RM266.53) setong menjelang Oktober, berikutan jangkaan lebihan bekalan dalam pasaran susulan konflik Asia Barat yang mereda serta pembukaan semula Selat Hormuz. Penganalisis ekonomi, Prof. Emeritus Dr. Barjoyai Bardai berkata, penurunan harga minyak ketika ini lebih banyak didorong oleh faktor ... Read more The post Harga minyak minyak dijangka capai AS65 setong menjelang Oktober appeared first on Utusan Malaysia.

Global oil demand set for first annual decline since 2020, IEA says 

The International Energy Agency projects a significant downturn in global oil demand for 2026. This marks the first annual decline since the 2020 pandemic. The agency cites the ongoing conflict involving Iran as the primary catalyst for this shift. Hostilities in the Middle East have severely damaged production capacity and disrupted critical export routes. Impact []

Oil heads for 3rd weekly decline on easing Middle East supply risks

Oil heads for 3rd weekly decline on easing Middle East supply risks

World : IEA Upgrades 2026 Oil Demand Forecast, Raises Production Outlook

MOSCOW, July 10 (Bernama-Sputnik/RIA Novosti) -- The International Energy Agency (IEA) has slightly upgraded its forecast for global oil demand in 2026. It now expects the demand to decline by 1.05 million barrels per day to 103.463 million barrels per day, the organisation said in its fresh report on Friday, according to Sputnik/RIA Novosti.

OPEC+ Approves 188,000 bbl/d Output Increase for August 2026

Seven core members of OPEC+ have agreed to implement a crude oil production adjustment of 188,000 barrels per day (bbl/d) for August 2026, according to a release by the Organization of the Petroleum Exporting Countries (OPEC). OPEC+ is an alliance between the core OPEC and a broader group of non-OPEC oil-exporting countries. The decision follows [] The post OPEC+ Approves 188,000 bbl/d Output Increase for August 2026 first appeared on Egypt Oil Gas.

Could Iraq Quit OPEC if Production Quota Dispute Escalates?

Iraq is considering all available options, including a potential exit from OPEC, if the producer group does not significantly increase its oil production quota, according to sources familiar with Iraqi oil policy. The warning comes as Iraq faces mounting economic pressure following the Iran war and seeks to boost oil revenues to support its finances. [] The post Could Iraq Quit OPEC if Production Quota Dispute Escalates? appeared first on Modern Diplomacy.

Global oil prices decline

Global oil prices recorded a decline on major commodity exchanges, reflecting ongoing market fluctuations and investor concerns over demand prospects.

Global gas demand expected to decline by 0.5% in 2026: IEA

Global gas demand expected to decline by 0.5% in 2026: IEA

OPEC+ companies slightly boosting production as oil prices slide

A group of oil-exporting countries has agreed to a modest increase in oil production, though current prices are already relatively low. Seven OPEC+ nations have said they will increase their production goals by 188,000 barrels per day. The participating countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. Multiple nations in the Middle...

Inventory Replenishment Could Fuel The Next Major CrudeOil Bull Market

The global oil market may be entering a new phase where the primary price driver is not supply disruption, but the urgent need to rebuild depleted strategic and commercial inventories. Governments, refiners, and traders around the world face mounting pressure to replenish oil stocks that were drawn down during a period of sustained emergency releases [] The post Inventory Replenishment Could Fuel The Next Major CrudeOil Bull Market appeared first on Foreign Policy Journal.

Press review: UK PM to continue predecessor policy as US reshapes oil market beyond OPEC+

Top stories from the Russian press on Tuesday, June 23rd

Global Oil Demand Is Heading For Its First Drop Since 2020. What's Driving It?

According to the AP report, global oil consumption in May fell by 5.3 million bpd from a year earlier to an average of 97.9 million barrels per day.

Commodities: Oil Market Shrugs Off Persian Gulf Escalation

Commodities: Oil Market Shrugs Off Persian Gulf Escalation

With Hormuz reopened, has the oil shortage turned into a glut?

As flow resumes through the strait, an oil surplus may yet again destabilise global energy markets.

Will RBI keep repo rate steady despite interim US-Iran peace deal? What we know

The change in outlook follows a sharp fall in crude oil prices, which had earlier raised inflation concerns.

OPEC+ Ups Its Production Quota for August, but Fighting Resumes in the Middle East

Brent crude oil, the international benchmark, dropped after OPEC Plus announced it would modestly increase production. Oil prices were trading The post OPEC+ Ups Its Production Quota for August, but Fighting Resumes in the Middle East appeared first on IER.

Oil Set for Quarterly Drop as Morgan Stanley Warns of Glut Risks

Oil headed for the biggest quarterly decline since the pandemic as flows through the Strait of Hormuz accelerated following progress on a peace deal, with Morgan Stanley warning of a potential glut ahead.

FCCPC Probes Fuel Pricing Amid Consumer Exploitation Concerns

The Federal Competition and Consumer Protection Commission, FCCPC, has raised concerns over what it described as possible consumer exploitation in the downstream petroleum sector. This follows findings that reductions in fuel prices have not reflected the sharp decline in global crude oil prices. READ ALSO: FCCPC Seals Firms Over Consumer Protection Violations Allegations The Commission, in [] The post FCCPC Probes Fuel Pricing Amid Consumer Exploitation Concerns appeared first on Voice of Nigeria.

OPEC+ agrees on new oil output hike as Hormuz gradually recovers

OPEC+ group has agreed on one more output hike, covering the adjustment for August, it said in a statement on Sunday, adding to global supply at a time when oil prices are falling...

Oil prices decline after OPEC+ agrees to increase output

London, July 6 (SANA) Oil prices fell in global trading on Monday after OPEC+ agreed to a further increase in production targets starting in August, while exports through the Strait of Hormuz continued to recover, paving the way for increased supplies to the global market. Reuters reported that Brent crude futures fell 24 cents, or []

Peru: BCR projects a faster decline in oil, fuel prices

The Central Reserve Bank (BCR) projected that oil and fuel prices would decline more rapidly than previously expected due to a potential agreement between the United States and Iran to bring an end to the conflict involving the two nations and ensure the safe passage of these energy sources through the Strait of Hormuz.

OPEC+ increasing output as oil prices continue to fall

OPEC+ has agreed to a further increase in output targets from August, the group said in a statement on Sunday, adding to global supply at a time when oil prices are falling amid the gradual reopening of the Strait of Hormuz for oil exports. The oil-producing group agreed during an online meeting to increase quotas []...Click to read more

Trump Highlights Significant Drop in Oil, Gas Prices

Crude oil and regular gasoline have seen significant declines in recent days, the president said.

Iran war developments, Fed rate path cues in focus for rupee and bonds

The focus will yet again turn to oil prices, with any retreat in risk sentiment ‌expected to hurt the Rupee, which has steadied after hitting historic lows last month

FCCPC warns oil marketers against profiteering as crude prices fall

The Federal Competition and Consumer Protection Commission (FCCPC) has warned oil marketers against exploiting consumers, saying the current retail prices of petrol do not reflect the sharp decline in global crude oil prices. The post FCCPC warns oil marketers against profiteering as crude prices fall appeared first on Vanguard News.

Seven OPEC+ countries agree to increase monthly oil production; here's the reason behind key decision

The OPEC+ alliance has decided to raise oil production once again, announcing a modest increase in output for August as global crude prices continue to decline following the easing of tensions in the Middle East. The move marks the fifth straight monthly production hike by the oil-producing bloc. The Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, said on Sunday that seven member countries would jointly increase production by 188,000 barrels per day next month.

Oil falls after OPEC+ agrees to raise output targets

Oil falls after OPEC+ agrees to raise output targets

FCCPC Warns Oil Marketers Against Exploiting Consumers As Crude Prices Fall, Vows Sanctions

FCCPC warns oil marketers against exploiting consumers, saying falling global crude prices should translate into lower fuel prices nationwide.

WA’s fossil fuel exports could drop by $28 billion under net-zero future: report

Under one scenario modelled in a new report from the Bankwest Curtin Economics Centre, fossil fuel exports could decline to about 11 billion by 2050.

Marketers reveals how fuel should cost as crude oil price crashes

PETROAN urges petrol price reductions in Nigeria as global crude oil costs fall. Concerns grow over cheaper imported fuel compared to local refinery prices.

OPEC+ is consider increase crude oil supply in August

The OPEC+ alliance, led by Saudi Arabia and Russia, is considering raising its oil production in August for the fifth consecutive month, a decision that will be debated tomorrow, Sunday, amid expectations of market normalization after the partial unblocking of the Strait of Hormuz. The decision must be adopted in a teleconference by the sector []