The International Energy Agency's (IEA’s) Oil Market Report for August 2026 confirms what traders have suspected for weeks. The Strait of Hormuz remains effectively closed. The global oil deficit is widening. And the numbers keep getting worse with each monthly revision.
The IEA now expects global oil supply to fall by 4.3 mb/d this year, up from a 3.7 mb/d cut projected just a month earlier. Demand is also being marked down, but by less. That combination pushes the third-quarter deficit to 1.8 mb/d, more than double last month's estimate. It would be the deepest quarterly shortfall since late 2021.
For India, the reasons behind the deficit matter as much as its size. 👉 Read the full story: https://indoen.com/news/ieas-august-outlook-deepens-the-deficit-what-it-means-for-india