Global oil demand is forecast to rise by 850,000 barrels a day in 2026, up from 770,000 barrels a day last year.
Crude oil futures traded lower on Friday morning after the International Energy Agency’s (IEA) Oil Market Report for February said the global oil market is likely to face a surplus in 2026.
At 9.57 am on Friday, April Brent oil futures were at $67.45, down by 0.10 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $62.74, down by 0.16 per cent. February crude oil futures were trading at ₹5,700 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,686, up by 0.25 per cent, and March futures were trading at ₹5,713 against the previous close of ₹5,701, up by 0.21 per cent.
According to IEA’s Oil Market Report, global oil supply is likely to exceed demand by 3.73 million barrels a day in 2026.
Global oil demand is forecast to rise by 850,000 barrels a day in 2026, up from 770,000 barrels a day last year. As in 2025, non‑OECD economies will account for the entire increase. The report said that China remains the largest contributor to growth, of around 200,000 barrels a day in both 2025 and 2026, albeit well below its average growth over the past decade.
Meanwhile, US President Donald Trump has said that the US could make a deal with Iran over the next month. This statement eased concerns that US could attack Iran over its nuclear programme.
February natural gas futures were trading at ₹290 on MCX during the initial hour of trading on Friday against the previous close of ₹294.20, down by 1.43 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹22865 in the initial hour of trading on Friday against the previous close of ₹22955, down by 0.39 per cent.
February guargum futures were trading at ₹10,025 on NCDEX in the initial hour of trading on Friday against the previous close of ₹9,982, up by 0.43 per cent.
Published on February 13, 2026
