Global oil supply shortfall to deepen as Hormuz reopening remains elusive, IEA says
- Posted on August 12, 2026
- By Business News Today
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Global oil supply shortfall to deepen as Hormuz reopening remains elusive, IEA says
Global oil supply will fall by 4.3 million barrels daily this year. Renewed Middle East hostilities are disrupting supplies and deepening the oil market deficit. This year's expected supply drop compares with earlier forecasts and is significant. The International Energy Agency expects a deficit of 1.8 million barrels daily over July-September. However, supply is projected to outstrip demand by 2027.
