Shafaq News- London

Global oil demand is forecast to grow by 850,000 barrels per day (kb/d) in 2026, up from 770 kb/d last year, with non-OECD economies accounting for the entire increase, the International Energy Agency (IEA) said in a new report.

According to IEA data, world oil supply fell sharply by 1.2 million barrels per day (mb/d) in January to 106.6 mb/d, as severe winter weather disrupted operations in North America, while outages and export constraints reduced flows from Kazakhstan, Russia, and Venezuela. After expanding by nearly 3.1 mb/d in 2025, global oil output is projected to rise by 2.4 mb/d in 2026 to reach 108.6 mb/d, with growth expected to be evenly split between OPEC+ producers and non-OPEC+ countries.

Global refinery crude throughputs declined from a record 86.3 mb/d in December to 85.7 mb/d in January, reflecting seasonal maintenance and weaker refining margins. For 2026, crude runs are forecast to increase by an average of 790 kb/d to 84.6 mb/d, led by non-OECD regions, compared with a rise of nearly 1 mb/d in 2025. Refining margins fell further in January as stronger December runs eased tightness in product markets.

Earlier today, oil prices edged higher, with Brent crude rising 27 cents to $69.67 a barrel and US West Texas Intermediate gaining 29 cents to $64.92, as escalating US-Iran tensions fueled concerns that potential attacks on Tehran or regional shipping routes could disrupt supply.