[IEA lowers oil demand forecast but believes recovery of oversupply situation will be postponed to 2027] On September 11, the International Energy Agency (IEA) lowered its oil demand forecast and stated that as the war in Iran prolongs and consumer countries are forced to adapt to reduced supply, oil consumption may have to decline further in the coming months. The Paris-based agency expanded its forecast for a drop in global oil demand this year by 940,000 barrels per day to 2.5 million barrels per day - the largest average annual decline since 2020, when widespread global economic paralysis occurred. The agency said the return to oversupply in the oil market will be delayed until 2027. "Global oil inventories are falling at a record pace," the IEA said in its monthly report. "With supplies remaining constrained and business stock buffers being rapidly depleted, further reductions in demand may be needed in the coming months to close the gap." The IEA is an energy adviser to major economies. The agency's latest data shows that the global average daily oil deficit this year is about 1.7 million barrels, up from 1.3 million barrels in last month's report.