Lates News

The International Energy Agency (IEA) has lowered its global oil demand forecast for this year, citing ongoing export disruptions in the Strait of Hormuz and sustained high fuel prices. The agency expects global oil demand to decline by 1.56 million barrels per day in 2026, a downward revision of approximately 510,000 barrels per day from the previous forecast, bringing it down to 103.29 million barrels per day. It is anticipated that global oil demand in the second quarter will decrease year-on-year by 4.9 million barrels per day, with this decline expected to narrow to 2.8 million barrels per day in the current quarter, followed by a recovery in the fourth quarter with an increase of about 580,000 barrels per day. The IEA assumes that tensions between the U.S. and Iran will ease and predicts that oil supply will gradually recover over the coming months; based on this, global oil demand is projected to increase by 2.4 million barrels per day in 2027, reaching 105.7 million barrels per day. The IEA stated that the restoration of transportation in the Strait of Hormuz will turn the year-on-year drop in global supply of approximately 4.3 million barrels per day in 2026 into an increase of 8.3 million barrels per day in 2027. Therefore, the global oil market is expected to shift from a supply deficit of 1.3 million barrels per day in 2026 to a supply surplus of 4.6 million barrels per day in 2027.