IEA Warns of Global Oil Supply Disruptions Due to Strait of Hormuz Closure
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The International Energy Agency (IEA) has significantly revised down its forecast for global oil supply and demand in 2026 due to the lack of an agreement to reopen the Strait of Hormuz. The agency warns that the crisis in the Middle East has reduced global reserves, keeping oil prices high. Global oil supply is expected to decrease by 4.3 million barrels per day this year, with about 8.3 million barrels per day of Gulf production still offline. The IEA expects global oil demand to decrease by 1.6 million barrels per day in 2026 due to high fuel prices and disruptions in global supply chains.
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