IEA Cuts Oil Demand Forecast Amid Hormuz Crisis

The International Energy Agency (IEA) has revised its forecast for global oil demand, expecting it to decline by an average of 1.6 million barrels per day in 2026.

This is a downward revision from the IEA's previous forecast, which was cut by 510,000 barrels per day due to the continued closure of the Strait of Hormuz and elevated fuel prices weighing on consumption.

According to the IEA's latest Oil Market Report, global oil supply rose by 2.4 million barrels per day in July to 101.5 million barrels per day but remained 6.3 million barrels per day below year-earlier levels.