IEA sees global oil demand falling by 2.6 million barrels a day in 2026
The October report puts average annual demand at 102.4 million barrels a day.
Event / data period: 2026-10-14
Published: · Updated:
The International Energy Agency’s October Oil Market Report, published on October 14, forecasts that world oil demand will fall by an average 2.6 million barrels a day in 2026 to 102.4 million barrels a day. It projects a year-on-year decline of 2.5 million barrels a day in the fourth quarter.
The IEA expects a partial recovery of 2 million barrels a day in 2027, but says use would still be 620,000 barrels a day, or 0.6%, below 2025. The report says global supply rose by 2.5 million barrels a day month on month to 102.3 million in September; these supply and demand figures are agency estimates.
Data
IEA forecasts and estimates
Global figures reported in the October 2026 report.
- 2026 average world demand
- 102.4 million barrels per day
- 2026 · Forecast
- 2026 annual demand change
- -2.6 million barrels per day
- 2026 · Forecast
- September world supply
- 102.3 million barrels per day
- 2026-09 · Estimate
Methodology
The 2026 annual demand level and change are IEA forecasts; September supply is the agency’s monthly estimate. Unit: million barrels per day.
Updated:
Subjects and places
Subject proposals
- Oil and gasSuggested
- Subject suggested from the title or summary: barrels, oil demandwww.iea.org ↗