OPEC cuts 2026 oil demand growth forecast by 200,000 barrels per day. New all-time high for crude oil by September 30 at 3.5% YES.

IEA cuts 2026 oil demand forecast due to Strait of Hormuz closure. Crude oil reaching a new all-time high by September 30 at 3.8% YES, by December 31 at 12.5% Y.

Assuming further normalization, global demand is expected to resume growth by November, the report says