The world's two most watched oil forecasters published sharply conflicting views of 2026 on Wednesday, with the IEA deepening its call for the first annual demand decline since the pandemic while OPEC still sees consumption growing, as the closure of the Strait of Hormuz drags on.

The IEA expects oil demand to fall by 1.6 million barrels a day in 2026 as high fuel prices and Strait of Hormuz disruptions weigh on consumption.

PARIS: The International Energy Agency on Wednesday (Aug 12) sharply reduced its forecast for global oil demand this year, as supplies remain crimped by the closure of the Strait…