🔸 The International Energy Agency again cut its forecast for oil demand in 2026

The International Energy Agency significantly reduced its forecast for global oil demand this year and said that supply cuts because the Strait of Hormuz remains closed and price increases have put pressure on oil consumption.

The agency said on Wednesday, August 12 (21 Mordad), in a report that global oil demand is expected to fall by 1.6 million barrels per day. In the previous report from the agency, released in July, it had said that oil demand would decrease by one million barrels per day.

According to the International Energy Agency, which is headquartered in Paris, despite announcements of a ceasefire and repeated claims that a deal to reopen the Strait of Hormuz is close, so far only a small number of vessels have been allowed to pass through this waterway, and “sudden diplomatic turns” have led to sharp fluctuations in prices in global markets.