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IEA Says Global Oil Demand to Post First Annual Decline Since 2020
2026-07-10 16:57:43 The International Energy Agency (IEA) said on Friday that global oil demand will record its first annual decline since 2020, as the conflict involving Iran severely disrupted production and exports in the Middle East. In its latest oil market report, the IEA said global oil demand in 2026 will decline by 1 million barrels per day YoY, marking the first annual drop since the peak of the COVID-19 pandemic in 2020. The agency said this year's demand contraction is "highly concentrated across products and regions" because the closure of the Strait of Hormuz, a key shipping route for oil and natural gas, disrupted exports from the Persian Gulf. Researchers added that the market is recovering, but warned that any renewed escalation in the conflict could further complicate the situation and cast a deeper shadow over the outlook. The IEA's forecast is based on assumptions of a ceasefire and the gradual reopening of the Strait of Hormuz, but the outlook appears increasingly uncertain as hostile actions between the US and Iran escalated this week. Several vessels were attacked, and shipping traffic through the strait slowed sharply again. The IEA said, "Although the global oil market balance appears likely to shift back into surplus before the end of this year, the forecast depends on the gradual restoration of tanker flows through the strait, enabling producers to restart oil fields and refiners in the Middle East and elsewhere to resume product shipments." The IEA also said, "Renewed exchanges of fire in the Gulf region this week highlight the risks of failing to achieve a lasting peace agreement, which is critical for the oil market to return to normal operations." (su)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |