IEA forecasts first drop in global oil demand since 2020 for 2026. Crude oil reaching a new all-time high by September 30 at 5% YES.

OPEC cuts 2026 oil demand forecast while raising 2027 outlook. Crude oil reaches a new all-time high by September 30 at 6.2% YES.

The IEA expects global oil demand to fall for the first time since 2020, citing the Iran war and Strait of Hormuz disruptions.