Glenn Euloth
In July, worldwide refining capacity rose by 1.8 million bpd, yet stayed almost 5 million bpd under last year's figure, totaling 80.9 million bpd, based on IEA statistics.
According to the report, interruptions in oil product exports from the Middle East and attacks on Russian refineries resulted in a further decrease of 370,000 bpd in the third quarter of 2026 refining capacity estimate.
As per IEA predictions, worldwide oil supply in 2026 will drop by 4.3 million bpd to 102 million bpd, since a rise of 1.4 million bpd in supply from the Americas will only partially counterbalance the decrease in supply from the Middle East and Russia. By 2027, worldwide supply is set to rise by 8.3 million bpd, reaching 110.3 million bpd.
source: iea.org
According to the report, interruptions in oil product exports from the Middle East and attacks on Russian refineries resulted in a further decrease of 370,000 bpd in the third quarter of 2026 refining capacity estimate.
As per IEA predictions, worldwide oil supply in 2026 will drop by 4.3 million bpd to 102 million bpd, since a rise of 1.4 million bpd in supply from the Americas will only partially counterbalance the decrease in supply from the Middle East and Russia. By 2027, worldwide supply is set to rise by 8.3 million bpd, reaching 110.3 million bpd.
source: iea.org