In its latest Oil Market Report (OMR), published on Wednesday, the IEA said that 2026 demand will decline by 1.56mn b/d, around 510,000 b/d more than it forecast in its previous report, to 103.29mn b/d.
IEA has maintained its 2026 global refinery crude throughput forecast at 81.6mn b/d in its latest Oil Market Report. The outlook remains unchanged after an upward revision in Iraqi estimates offset reductions in Middle East runs caused by renewed hostilities in the Mideast Gulf.
Vessel traffic through the strait of Hormuz remains severely disrupted, weighing on global oil demand despite US president Donald Trump's recent claims of the US' total control over the narrow waterway.
In its latest Monthly Oil Market Report (MOMR), Opec cut its oil demand projection for this year by 200,000 b/d to 580,000 b/d, which would leave total consumption at 105.74mn b/d.
Like in its past reports, Opec did not give a clear reason for the downgrades, which come during large disruptions to oil supplies from the Mideast Gulf as a result of the US-Iran war.
US commercial crude inventories rose by 17.4mn bl last week on surging imports, the Energy Information Administration (EIA) reported on 12 August.
Crude stocks rose to 424.4mn bl in the week ended 7 August, up from 407mn bl in the previous week for the fourth-largest weekly gain on record, according to data stretching back to 1982. Stocks last week were still 2.3mn bl lower than the same week last year.
Ice Brent futures fell in early Asian trading following forecasts of lower global oil demand.
The Ice front-month October Brent contract was at $88.49/bl at 04:00 GMT, down by 49¢/bl from its settlement on 12 August when it ended 7¢/bl higher.
The Nymex front-month September crude contract was at $82.65/bl, down by 62¢/bl from its settlement on 12 August when it ended 7¢/bl higher.
The IEA has downgraded its outlook for global oil demand this year, citing persistent disruptions to exports through the strait of Hormuz and elevated fuel prices.
In its latest Oil Market Report (OMR), published on Wednesday, the IEA said that 2026 demand will decline by 1.56mn b/d, around 510,000 b/d more than it forecast in its previous report, to 103.29mn b/d.
IEA has maintained its 2026 global refinery crude throughput forecast at 81.6mn b/d in its latest Oil Market Report. The outlook remains unchanged after an upward revision in Iraqi estimates offset reductions in Middle East runs caused by renewed hostilities in the Mideast Gulf.
Vessel traffic through the strait of Hormuz remains severely disrupted, weighing on global oil demand despite US president Donald Trump's recent claims of the US' total control over the narrow waterway.
Opec has downgraded its global oil demand growth forecast for this year for a fourth month in a row but has again raised its projection for next year.
In its latest Monthly Oil Market Report (MOMR), Opec cut its oil demand projection for this year by 200,000 b/d to 580,000 b/d, which would leave total consumption at 105.74mn b/d.
Like in its past reports, Opec did not give a clear reason for the downgrades, which come during large disruptions to oil supplies from the Mideast Gulf as a result of the US-Iran war.
US commercial crude inventories rose by 17.4mn bl last week on surging imports, the Energy Information Administration (EIA) reported on 12 August.
Crude stocks rose to 424.4mn bl in the week ended 7 August, up from 407mn bl in the previous week for the fourth-largest weekly gain on record, according to data stretching back to 1982. Stocks last week were still 2.3mn bl lower than the same week last year.
By Rhalain Reyes