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International Business Times
International Business Times
Business
Matias Civita

IEA Slashes 2026 Oil Demand Outlook Despite U.S.-Iran Agreement To Reopen Hormuz Strait

IEA Oil Iran
In its latest Oil Market Report, released Wednesday, the Paris-based agency said global oil demand growth has weakened substantially from the optimistic forecasts it published at the start of the year. (Credit: Mario Tama/Getty Images)

The International Energy Agency (IEA) has sharply downgraded its outlook for global oil demand this year after the oil supply shock caused by the Iran war caused a sudden decrease in the demand for crude.

In its latest Oil Market Report, released Wednesday, the Paris-based agency said global oil demand growth has weakened substantially from the optimistic forecasts it published at the start of the year.

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