IEA Forecasts Global Oil Deficit Amid Hormuz Closure and Demand Slump
The International Energy Agency (IEA) has forecast a global oil deficit of 1.8 million barrels per day this quarter and slashed its 2026 oil supply and demand forecasts, attributing the changes to the ongoing closure of the Strait of Hormuz and a resulting demand slump.
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Hormuz standoff derails oil supply recovery and deepens demand slump, IEA says
Global oil demand is set for deeper contraction this year as renewed hostilities in Middle East, shipping disruptions push up fuel prices, weigh on consumption
Read full article →IEA cuts 2026 oil demand forecast again as Hormuz remains shut
Read full article →Global Oil Deficit To Hit 1.8 Million Bpd This Quarter, IEA Forecasts
Global Oil Deficit To Hit 1.8 Million Bpd This Quarter, IEA Forecasts The IEA slashed its 2026 global oil supply forecast, with output now expected to plunge 4.3 million barrels per day this year as the failure to reopen the Strait of Hormuz pushes the market deeper into deficit, OilPrice reported. The latest forecast is considerably worse than the 3.7-million-bpd decline the agency projected just last month and would leave global supply at 102.02 million bpd, its lowest fore...
By Tyler Durden
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