IEA Raises 2026 Oil Demand Growth Forecast to 930,000 BPD in Monthly Report

1 min read Updated on 21 Jan 2026, 02:43 PM

Reviewed by

Radhika SScanX News Team

Overview

The International Energy Agency has revised its 2026 average oil demand growth forecast upward to 930,000 barrels per day from 860,000 BPD, representing a 70,000 BPD increase. This 8.1% upward adjustment was announced in the agency's latest monthly report, reflecting more optimistic expectations for global oil consumption growth and strengthening market fundamentals for 2026.

*this image is generated using AI for illustrative purposes only.

The International Energy Agency has announced an upward revision to its 2026 oil demand growth forecast, raising expectations for global energy consumption in its latest monthly report. The agency now projects average oil demand growth of 930,000 barrels per day for 2026, marking a significant increase from its previous forecast.

Revised Demand Projections

The updated forecast represents a substantial upward adjustment from the IEA's earlier projection. The agency's revised outlook shows increased confidence in oil market fundamentals for 2026.

Forecast Parameter:	Current Estimate	Previous Estimate	Change
2026 Avg Oil Demand Growth:	930,000 BPD	860,000 BPD	+70,000 BPD
Percentage Increase:	-	-	+8.1%

Market Implications

The 70,000 BPD upward revision reflects the IEA's more optimistic assessment of global oil consumption patterns. This adjustment suggests strengthening expectations for economic activity and energy demand in 2026. The revised forecast indicates the agency's evolving view of market conditions and consumption trends.

Monthly Report Context

The updated projections were released as part of the IEA's regular monthly reporting cycle, which provides ongoing analysis of global energy markets. These periodic updates allow the agency to incorporate new data and adjust forecasts based on changing market conditions and economic indicators.

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