iea.org
Oil Market Report - March 2026 – Analysis - IEA
What this article backs
- Middle East War Strait Of Hormuz Tanker Movements
- Strait Of Hormuz Tanker Movements Gulf Countries Oil Production
- Middle East War Global Oil Supply
- Middle East War Benchmark Crude Oil Prices
- Middle East War Global Oil Product Export Flows
- Non Opec Plus Production Global Oil Supply
- Middle East War decreases Strait Of Hormuz Tanker Movements.
- Strait Of Hormuz Tanker Movements decreases Gulf Countries Oil Production.
- Middle East War decreases Global Oil Supply.
- Middle East War increases Benchmark Crude Oil Prices.
- Middle East War decreases Global Oil Product Export Flows.
- Non Opec Plus Production increases Global Oil Supply.
In its own words
Benchmark crude oil prices have surged by $20/bbl to $92/bbl since the outbreak of hostilities on 28 February, with even bigger increases across product markets.
Global oil supply is projected to plunge by 8 mb/d in March, with curtailments in the Middle East partly offset by higher output from non-OPEC+ producers
the crisis has led to a near halt in tanker movements through the Strait of Hormuz. With nearly 20 mb/d of crude and product exports currently disrupted
The conflict is also having a significant impact on global product markets, with export flows through the Strait at a near standstill.
we estimate global oil supply to rise by 1.1 mb/d in 2026 on average, with non-OPEC+ producers accounting for the entire increase
storage filling up, Gulf countries have cut total oil production by at least 10 mb/d