IEA News Updates

The IEA said that members agreed to complete the release of 100 million barrels of oil that are still outstanding from an intervention in March aimed at calming global markets.

The agency's report on Oct. 14 said that global oil demand is predicted to drop 2.5 million barrels a day year-over-year in the fourth quarter and fall 2.6 million barrels a day on average this year.

Exports from the Gulf are below the highs reached in late June but still “considerably higher” than the levels seen between early March and mid-June, IEA estimates.

Even if movement is restored, “the vase has been broken. You can’t glue it back together,” chief Fatih Birol said.

More than 80 energy facilities have been damaged during the hostilities, and a recovery could take as long as two years, Fatih Birol warns.

Fatih Birol said at Australia’s National Press Club that the war has had a worse impact on oil than the two oil shocks of the 1970s combined.

Canada would be the third-largest contributor to the IEA’s program, with the added crude at about 130,000 extra barrels a day if rolled out over six months.

The IEA said the release will largely consist of crude oil, though contributions from Europe will primarily take the form of refined petroleum product.

The Paris-based organization said it will make 400 million barrels of oil available from its members’ emergency reserves in an effort to calm surging oil prices.

Global oil demand growth will slow during the remainder of 2025 after a robust first quarter due to “economic headwinds,” the International Energy Agency said.