Paris, France, Aug 12, 2026 (AFP) - IEA cuts 2026 oil demand forecast again as Hormuz remains shut

NAMPA / AFP

2026-08-12

The International Energy Agency on Wednesday sharply reduced its forecast for global oil demand this year, as supplies remain crimped by the closure of the Strait of Hormuz and high prices deter buyers. Demand is expected to slump by 1.6 million barrels per day (mb/d), compared with its forecast of one million barrels in its previous monthly report in July. nal/jbo/js/st ...

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