MOSCOW, March 12. /TASS/. The International Energy Agency has lowered its global oil refinery throughput forecast for March by 4.3 million bpd due to the conflict in the Middle East, and by 800,000 bpd overall for 2026, according to the agency's report.

According to the IEA, the short-term outlook for global refining is fraught with uncertainty, as over 4 million bpd of Middle Eastern capacity is currently offline or at risk of closure. Meanwhile, other regions have limited scope for ramp-ups.

As a result, refining throughput forecasts for March have been revised down by 4.3 million bpd, and by 1.8 million bpd for the second quarter of 2026.

'While the situation remains fluid, we currently estimate 2026 refinery runs at 83.8 million bpd, down 800,000 bpd from last month’s report,' the IEA stated.