IEA predicts lower oil prices in 2026 due to oversupply
Despite declining demand, oil production continues to increase. Shell’s latest Brasil-based ‘Gato do Mato’ platform is expected to produce close to 120,000 barrels of oil a day /shell.com
The International Energy Agency (IEA) has once again lowered its global oil demand growth forecast for 2025 to 680,000 barrels per day (bpd), down from previous estimates of around 700,000 bpd.
This reflects oversupply and weak consumption across major economies like China, India, and Brazil. T
