The International Energy Agency has lowered its forecast for global oil demand in 2026, citing the continued closure of the Strait of Hormuz and high fuel prices.
The IEA now expects demand to decline by 1.6 million barrels per day, 510,000 barrels more than its previous estimate. Global oil supply also remains below pre-conflict levels, with disruptions in the Gulf limiting production.
The agency said uncertainty over the reopening of the Strait of Hormuz and continued volatility in oil prices are weighing on consumption. It expects global oil demand to return to growth in 2027, rising by 2.4 million barrels per day.
Credit : CGTN
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