OIES Forecasts 1 Million Barrels Per Day Drop in Global Oil Demand and 4.85 Million Barrels Per Day Decline in Supply for 2026

OIES, a leading energy analysis organization, projected a 1 million bpd decline in global oil demand for 2026, citing shifting energy consumption patterns and the growing adoption of renewable energy sources. The report also predicted a 4.85 million bpd drop in global oil supply, linked to reduced production from major oil-producing regions. The analysis highlighted the impact of geopolitical factors on global oil markets and emphasized the need for energy transition strategies in both developed and developing economies. The findings are part of a broader trend of declining reliance on fossil fuels, with the report including projections for the next five years.