The oil organization IEA, International Energy Agency, cuts its forecast for oil demand to 104.4 million barrels per day, from the previous 105 million barrels per day, for 2027. The forecast for 2026 is left unchanged at 102.4 million barrels per day.
This is stated in the latest monthly report.
IEA further states that limited diesel supplies may persist well into next year, as large, seasonally unusual inventory declines have been combined with limited production ahead of the winter peak season for demand.
Refining margins for diesel – that is, the fuel’s price premium compared with the underlying crude oil – rose to record-high levels of almost 95 dollars per barrel in September, when reduced refining capacity as a result of attacks linked to the war in Iran led to a sharp decline in production, Reuters writes.
