16:04 - 12.08.2026

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August 12, Fineko/abc.az. The International Energy Agency (IEA) stated in its monthly report that oil markets face a deficit of 1.8 million barrels per day as renewed conflicts and maritime shipping disruptions hinder production recovery. The deficit for 2026 is projected to reach its highest level in five years.

Due to elevated fuel prices, the agency raised its estimate for the decline in global oil demand this year by nearly 50%, bringing it to 1.6 million barrels per day. Nevertheless, global inventories are tightening again, marking the largest average annual drop since the 2020 COVID-19 pandemic.

Although a brief truce between the US and Iran in mid-June temporarily boosted Persian Gulf oil exports, maritime transport and regional energy infrastructure remain under pressure. This dynamic is driving up costs for essential fuels like gasoline and diesel, burdening consumers worldwide.

According to the Paris-based agency, global reserves are expected to be replenished next year once the market shifts back into a supply surplus. Member countries—including the US, Japan, and Germany—will need to refill emergency petroleum reserves following record releases announced in March.