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The International Energy Agency (IEA) predicts that global oil demand will fall by 1.1 million barrels per day in 2026 due to the war in Iran (previously forecast as a decrease of 420,000 barrels per day).

2026-06-17

The International Energy Agency (IEA) predicts that global oil demand will fall by 1.1 million barrels per day in 2026 due to the war in Iran (previously forecast as a decrease of 420,000 barrels per day).

Other News
2026-06-18

Economics professor Phil Powell said he expects the Fed to hold rates at this meeting. He said markets had feared higher inf prior to a Washington‑Tehran peace deal after oil surged and inf topped 4%, making a near‑term Fed hike more likely than a cu

Economics professor Phil Powell said he expects the Fed to hold rates at this meeting. He said markets had feared higher inf prior to a Washington‑Tehran peace deal after oil surged and inf topped 4%, making a near‑term Fed hike more likely than a cut. Powell added an Iran peace agreement would be a sizeable disinflationary shock—oil could fall more than expected and lower the odds of near‑term hikes. He noted this was the first rate decision under the new Fed chair; while markets may view the new chair as more cut‑friendly than his predecessor, Powell said that has not proven true. On cuts, he said rate reductions are unlikely before year‑end because inf must fall first.
2026-06-18

Basra Oil Company: Crude oil production in southern Iraq is currently at 1.5 million barrels per day, up from 1 million barrels per day previously.

Basra Oil Company: Crude oil production in southern Iraq is currently at 1.5 million barrels per day, up from 1 million barrels per day previously.
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