16:52 - 12.08.2026

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August 12, Fineko/abc.az. The International Energy Agency (IEA) downgraded its global oil demand forecast for the current year by 510,000 barrels per day (bpd) compared to its previous monthly report.

According to the agency, the downward revision stems from the ongoing closure of the Strait of Hormuz, disruptions in global supply chains, and elevated fuel prices hindering consumption. Consequently, global oil demand is expected to contract by 1.6 million bpd year-on-year.

Key Outlook Highlights:

• Recovery Trajectory: While high fuel prices slow consumption recovery, delivery data indicates the sharpest phase of demand decline is past. Global demand is projected to resume growth starting in November.

• Quarterly Breakdown: Compared to the same periods last year, demand is expected to decline by 4.9 million bpd in Q2 and 2.8 million bpd in Q3. Conversely, demand grew by 860,000 bpd in Q1 and is projected to rise by 580,000 bpd in Q4.

• 2027 Forecast: The IEA maintained its 2027 growth projection of nearly 2 million bpd, expecting total global oil demand to reach 105.7 million bpd.