IEA Cuts Oil Demand Forecast Amid Ongoing Strait of Hormuz Closure

The International Energy Agency (IEA) has reduced its global oil demand forecast for 2026 by 1.6 million barrels per day (bpd), citing the continued closure of the Strait of Hormuz.

This adjustment exceeds the previous monthly report's predicted drop of 1 million bpd, as reported by Reuters.

The Strait's closure has severely constrained supplies and led to a dramatic price surge, deterring buyers and reducing global consumption.