The International Energy Agency reports global oil inventories are falling at a record pace, with declines expected to continue for months due to ongoing supply disruptions in the Middle East.

IEA projects global oil supply to fall 1.78 million bpd below demand in 2026, a significant reversal from its prior forecast of a surplus.

The International Energy Agency (IEA) now projects that global oil supply will be 1.78 million barrels per day lower than demand in 2026, a significant shift from its previous report which forecast supply to be 0.41 million barrels per day higher.

Two people injured in fire at Transneft oil pumping station near Ufa. Local emergency officials report the incident at the Nurlino facility was caused by a technological process failure resulting in an explosion and fire.

A fire occurred at a Transneft oil pumping station in the village of Nurlino near Ufa, resulting in two injuries. The regional Ministry of Emergency Situations attributed the incident to a technological process failure that caused an explosion and subsequent fire.