MOSCOW, August 12. /TASS/. The International Energy Agency (IEA) has revised down its forecast for global oil supply in 2026 by 0.6 million barrels per day (bpd) compared to its previous report, according to the organization's data.

Consequently, global oil supply is projected to fall by 4.3 million bpd this year, dropping to 102 million bpd.

Meanwhile, the IEA expects global supply to bounce back in 2027, growing by 8.3 million bpd to reach 110.3 million bpd.

According to IEA estimates, global oil supplies rose by 2.4 million bpd in July to 101.5 million bpd, as Gulf countries continued to restore oil production. The IEA added that Gulf producers increased shipments by 600,000 bpd in July to 13.7 million bpd, but exports fell sharply during the month amid worsening shipping bottlenecks. Total volumes transported through the Strait of Hormuz and alternative routes fell by 2.1 million bpd to 15 million bpd.

By mid-month, the volume of oil stored on tankers in the region had returned to its lowest levels since February, but began to rise again by the end of July as inventories accumulated on vessels arriving in the area. Despite the partial resumption of production, total supplies from Persian Gulf countries in July stood at 23.9 million bpd, remaining 8.3 million bpd below pre-conflict levels.