IEA Lowers Forecast for Global Oil Refining in 2026 by 800,000Bpd Over Middle East- Report

NAMPA / Sputnik

2026-03-12

MOSCOW, March 12 (RIA Novosti) - The International Energy Agency (IEA) has lowered its forecast for global oil refining capacity in 2026 by 800,000 barrels per day due to refinery shutdowns in the Middle East and a possible oil shortage, to 83.8 million barrels per day, the organization said in its fresh report on Thursday. "Precautionary run cuts outside the Gulf are increasingly evident, with refineries declaring force majeure on exports.........

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