UN report says global fuel subsidies may exceed $1 trillion as Iran war and El Nino strain budgets

On October 2, 2026, the United Nations Development Programme released a report warning that global fuel subsidies could exceed $1 trillion this year due to the Iran war and other crises. The number of countries implementing relief measures nearly doubled between April and September. Without these measures, an additional 130 million people could fall below the poverty line. The report highlighted that higher energy prices led to protests in at least 10 countries in September, including Syria, Guatemala, the Philippines, France, and Portugal. The UNDP expects the situation to worsen, with shocks peaking in early 2027.