OPEC & International Energy Agency

OPEC: OPEC lowered its forecast for global oil demand growth in 2026 due to the Iran war and the closure of the Strait of Hormuz, impacting its ability to deliver on output increases.

International Energy Agency: The International Energy Agency also cut its oil demand growth forecast and warned that countries were tapping into oil inventories at a record pace, indicating potential price volatility.

OPEC: The departure of the United Arab Emirates, one of its largest producers, significantly weakens OPEC's control over global oil supplies and prices, potentially leading to disarray and reduced influence in managing oil markets.

International Energy Agency: The International Energy Agency has reported on the declining share of global oil output by OPEC+ due to production shut-ins and the United Arab Emirates' exit, indicating a weakening of the group's market influence.

OPEC: OPEC, of which Iran is a member, could see reduced crude exports from Iran due to the United States blockade, although Iran may sustain production by storing oil.

International Energy Agency: The International Energy Agency's executive director, Fatih Birol, warned about Europe's limited jet fuel supply due to Iran's chokehold on the Strait of Hormuz.

OPEC: India is in discussions with the OPEC regarding oil supplies.

International Energy Agency: International Energy Agency is cited for its data on Venezuela's oil reserves. The agency's analysis of global energy markets will be relevant as Venezuela's oil sector undergoes changes.