IEA Warns Global Refining System 'Pushed to the Limit' as Supply Forecasts Cut

The IEA has again reduced its 2026 global oil supply and demand forecasts, citing wars in Iran and Ukraine pressuring the market. The agency warns the global refining system is 'pushed to the limit', indicating potential supply tightness and higher prices. This signals a deteriorating supply outlook, though the exact magnitude of the cuts is not specified.