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IEA warns global oil supply to undershoot demand as Iran war bites hard
Economy
Published on 13 May 2026
The projected gap could hit 1.78 million barrels daily
The International Energy Agency says the global oil market is likely to tighten this year as the Iran war disrupts Middle East production. The IEA estimates major supply losses and forecasts a deficit of about 1.78 million barrels per day by 2026, while demand is expected to soften due to higher prices and an economic slowdown tied to the conflict.
- IEA projects global oil supply will fall below demand
- Iran war is disrupting Middle East production and lifting supply losses
- Demand outlook weakens due to price spikes and economic slowdown
- Deficit could reach 1.78 million barrels per day by 2026
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times