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Hormuz closure squeezes global economy as oil demand destruction intensifies, IEA says
The IEA reports that oil demand is expected to fall by 1.6 million barrels per day in 2026. This predicted decline stems from high fuel prices and disruptions occurring in the Strait of Hormuz, factors which are currently squeezing the global economy.
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Adjacent reporting
- Global oil inventories to fall below 100 days of demand on Hormuz blockade
- Prolonged Strait of Hormuz closure would cause oil prices to surge, experts warn
- Global oil reserves deplete at record pace, IEA warns
- Prolonged Strait of Hormuz closure would cause oil prices to surge, experts warn
- Global oil inventories falling at record pace, IEA warns
- Report: Disruption of Mideast energy supplies into next year would slam global economy