IEA Cuts 2026 Oil Demand Forecast as Hormuz Closure Persists
ENERGY
IEA Cuts 2026 Oil Demand Forecast as Hormuz Closure Persists
The IEA's August 2026 Oil Market Report now projects global oil demand will decline by 1.6 mb/d in 2026, a sharper contraction than last month's estimate, as the continued closure of the Strait of Hormuz and elevated fuel prices weigh on consumption. Renewed hostilities and maritime disruptions in July and early August also cut projected Q3 2026 oil supply by 1.7 mb/d versus the prior report.
August 2026