IEA Sees 4.3 Million Bpd Supply Drop as Hormuz Stays Constrained
August 12, 2026
News summary: Reuters reported the IEA expects global oil supply to fall by 4.3 million bpd in 2026, leaving supply about 1.27 million bpd below demand for the year and producing a 1.8 million bpd third-quarter deficit.
Market context: The report separated weak demand from physical scarcity: constrained crude and product flows can keep refining margins, naphtha and gasoil availability tight even as consumption forecasts soften.
Archive date: August 12, 2026