OREANDA-NEWS  Analysts at the International Energy Agency (IEA) have lowered their forecast for global oil demand growth in 2026 by more than 200,000 barrels per day. This is stated in a report published on the organization's website.

According to the updated estimate, global oil demand will increase by 644 thousand barrels per day this year. For comparison, the previous forecast implied an increase of 849 thousand. Thus, the estimate was lowered by 205,000 barrels.

The agency explained the sharp change in the medium-term forecast by large-scale disruptions in the supply of Middle Eastern raw materials due to Iran's closure of the Strait of Hormuz. Experts expect the rapid rise in stock prices for oil to significantly slow down the growth of global demand. The global energy market may face the most negative consequences due to the war in Iran in March and April. In the future, much will depend on the dynamics of escalation in the region.