According to new estimates, this year’s oil production growth by all states will amount to only 1.11 million bpd. In its previous forecast a month ago, the IEA predicted that production this year would grow by 2.39 million bpd.
The agency’s March report, published on March 12, emphasized that overall global oil production in 2026 will be 107.23 million bpd. A month earlier, the forecast was 108.56 million barrels per day.
The Agency does not directly link the decrease in the forecast for the rate of oil production with the events in Iran, but such a sharp change in estimates for a month speaks for itself. It is known that during the war of the USA and Israel with Iran oil production facilities in the Persian Gulf countries – one of the key ones for the world oil market – were also affected.
The IEA estimates that oil production will increase by 3.05 million barrels per day to average 106.12 million barrels per day in 2025.
