IEA – Oil Market Report, Mar 2026

Summary

The report focuses on the impact of the war in the Middle East on the global oil market, describing it as the largest supply disruption in history.

It details drastic reductions in crude and oil product flows through the Strait of Hormuz, significant production cuts by Gulf countries, and projections of global oil supply changes in 2026. The report also covers the release of emergency reserves by IEA member countries, volatile oil prices, and revised global oil demand forecasts.

Region: Middle East

Published: March 2026

Author(s): IEA

Language: English

Social drivers: Pandemics

Geopolitical drivers: Economic conditions Political instability and conflicts Supply chains disruption

Found an inaccuracy in the description? Let us know 🙌