The exit of the Strait of Hormuz continues to be obstructed, and the IEA has significantly lowered its global oil demand forecast for this year

The International Energy Agency (IEA) has lowered its global oil demand forecast for this year, primarily due to ongoing export disruptions in the Strait of Hormuz and high fuel prices. The IEA expects global oil demand to decline by 1.56 million barrels per day by 2026, reaching 103.29 million barrels per day. It is anticipated that global oil demand will decrease by 4.9 million barrels per day year-on-year in the second quarter, with a recovery in the fourth quarter, increasing by approximately 580,000 barrels per day.