MOSCOW, March 12. /TASS/. The International Energy Agency (IEA) has lowered its forecast for global oil supply growth in 2026 by 1.4 million bpd compared to its previous report.

According to the organization's latest report, global oil supply growth will increase by 1.1 million bpd this year, to 107.2 million bpd.

The IEA noted that global oil supplies fell sharply in March as the conflict in the Middle East effectively halted tanker traffic through the Strait of Hormuz, leading to supply cuts and production shutdowns in the Persian Gulf. Since the start of the conflict, supply volumes have fallen to less than 10% of pre-crisis levels, the IEA noted.

The agency also expects that global production will fall by 8 million bpd in March, to 98.8 million bpd, the lowest level since the first quarter of 2022.