The International Energy Agency (IEA) forecasts that global daily oil demand will decrease by nearly 1.6 million barrels in 2026, APA-Economics reports, citing the IEA’s monthly report.
The IEA has lowered its forecast for global daily oil demand in 2026 by 510,000 barrels compared to its previous estimate. Thus, in July, the agency forecast that global daily oil demand would decrease by 1.047 million barrels in 2026.
According to the report, global daily oil demand will amount to 103.288 million barrels in 2026. In 2025, this figure stood at 104.844 million barrels.
In addition, the IEA expects global daily oil demand to reach 105.7 million barrels in 2027.
The agency attributes the decline in global daily oil demand to the continued closure of the Strait of Hormuz and high oil prices limiting oil consumption.
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