The widest gap for more than two decades has opened up between the forecasts of the three main international organisations that track the world’s crude markets, causing confusion about global oil demand.
The Paris-based International Energy Agency (IEA), the Opec group of oil producers and the US Energy Information Administration (EIA) all reported their monthly oil statistics this week. The divergence between their forecasts for oil demand in 2026 reached 1.8mn barrels of oil a day (b/d), the equivalent of France’s oil consumption and the biggest gap since 2002.
The gap has gradually widened over the past two years, raising questions about the trajectory of the world’s oil demand as countries transition to clean energy.
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