IEA cuts 2026 global oil demand growth forecast to 850k BPD (prev. 930k BPD); cuts 2026 global oil supply growth forecast to 2.4mln BPD (prev. 2.5mln BPD)
The IEA's downward revision of both global oil demand and supply growth forecasts for 2026 highlights increased geopolitical risks and supply disruptions affecting the market outlook.
South African Mining Production YoY (Dec) Y/Y 2.5% (Prev. -2.7%)
EU Court Advisor says they should stop the release of c. EUR 10bln in funds for Hungary
IEA cuts 2026 global oil demand growth forecast to 850k BPD (prev. 930k BPD); cuts 2026 global oil supply growth forecast to 2.4mln BPD (prev. 2.5mln BPD)
Sounds of explosions at the US base in the countryside of Al-Hasakah, Syria, due to the explosion of mines, Al Arabiya reports citing sources; details light
An oil refinery has reportedly caught fire in Russia's Komi due to a drone attack, RIA reports
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- Lowers 2026 forecast for non-OPEC+ supply growth to 1.2mln BPD (prev. 1.3mln BPD).
- Escalating geopolitical tensions, snowstorms and extreme temperatures in North America, and Kazakh supply disruptions sparked the reversal to a bullish market.
This suggests potential tightening in oil availability, which could support prices in the medium term, particularly as these revisions contrast with earlier bullish expectations.
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