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Fatih Birol said at Australia’s National Press Club that the war has had a worse impact on oil than the two oil shocks of the 1970s combined.

Canada would be the third-largest contributor to the IEA’s program, with the added crude at about 130,000 extra barrels a day if rolled out over six months.

The IEA said the release will largely consist of crude oil, though contributions from Europe will primarily take the form of refined petroleum product.

The Paris-based organization said it will make 400 million barrels of oil available from its members’ emergency reserves in an effort to calm surging oil prices.

Global oil demand growth will slow during the remainder of 2025 after a robust first quarter due to “economic headwinds,” the International Energy Agency said.

The International Energy Agency slashed forecasts for global oil demand this year amid the trade war, and in its first detailed assessment of 2026 predicted a persistent supply surplus.

The International Energy Agency, the west’s energy watchdog, is considering reviving one of its long-term energy demand scenarios after criticism from U.S. Republican leaders.

Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, the International Energy Agency said.

The world’s demand for diesel is forecast to fall this year, a rare event for the fuel that powers swaths of the global economy.

Global oil markets are poised to swing from a deficit to a surplus next quarter should OPEC+ proceed with plans to boost supplies, data from the International Energy Agency showed.