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IEA lowers global oil demand forecast
The International Energy Agency expects global oil demand to decline by 1.6 million barrels per day in 2026, due to ongoing supply disruptions and rising fuel prices, amid uncertainty regarding the future of the Strait of Hormuz caused by stalled negotiations between Washington and Tehran. Despite an upward revision of 510,000 barrels per day compared to July expectations, the Hormuz crisis continues to restrict shipping and increase oil price volatility, with Brent crude surpassing $100 before retreating again below $90. The market faces increasing pressure as energy costs remain high and companies and consumers reduce their consumption, negatively impacting the global economy amidst ongoing tensions and conflicts in the region.
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