Hormuz closure squeezes global economy as oil demand destruction intensifies, IEA says
World oil demand is set to fall further than previously expected this year, the International Energy Agency said Wednesday, as the impact of the closure of the Strait of Hormuz deepens. The IEA forecast demand will drop by 1.6 million barrels a day in 2026. That’s 510,000 barrels a day more than its last monthly prediction in July.
Crude stockpiles also running low. Should get interesting when they bottom out. Timing could put it right in front of the election. Cross your fingers.
RE