IEA Cuts Oil Demand as Hormuz Recovery Slips to 2027
The International Energy Agency spent Friday confirming what the diesel pump already showed. World oil demand in 2026 is now expected to fall 2.5 million barrels a day, the largest annual drop since the 2020 pandemic, because the Strait of Hormuz will not reopen this year. Supply is shrinking faster than consumption, so stocks are filling the gap, and that buffer is getting thin.