Global supply to shrink in 2026, surge back above 110 mb/d in 2027

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…

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.