OfficialShipping, energy & marketsParis, France
IEA sees 2026 oil demand falling 1.6 million barrels a day as Hormuz stays shut
- Mountain Time
- Local time
- 12:29 PM in Paris
- Where
- Paris, France
The International Energy Agency cut its 2026 forecast to a fall in global oil demand of 1.6 million barrels a day, from 1 million a month earlier, saying 'the ongoing closure of the Strait of Hormuz and elevated fuel prices continue to weigh on oil consumption.' It put July supply at 101.5 million barrels a day, still 6.3 million below pre-war levels.
Why it matters
The agency said falling stocks make reopening the strait more urgent and referred to repeated claims of an imminent deal as 'sudden diplomatic pivots.'
Sources (2)
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