IEA cuts global oil demand forecast, sees 1.1 mln bpd decline in 2026
The International Energy Agency (IEA) has revised down its 2026 global oil demand forecast by 735,000 barrels per day (bpd), now expecting a decline of 1.1 million bpd, according to its June report. The agency attributes the drop to the Middle East crisis, though it anticipates conditions to improve in the second half of the year. Separately, the IEA slightly raised its 2026 supply forecast, expecting a decline of 3.9 million bpd, with a recovery in Strait of Hormuz exports from the third quarter.
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Jun 17