World Bank: World oil production faces biggest decline in more than 40 years In a report on October 28, the World Bank predicted a 5.2% decline in global oil production in 2026; the biggest annual decline in more than four decades, except during the Corona pandemic. America's war with Iran has reduced oil production and depleted global reserves and weakened the market's ability to deal with new disruptions.

World Bank: World oil production faces biggest decline in more than 40 years In a report on October 28, the World Bank predicted a 5.2% decline in global oil production in 2026; the biggest annual decline in more than four decades, except during the Corona pandemic. America's war with Iran has reduced oil production and depleted global reserves and weakened the market's ability to deal with new disruptions.