On August 12, local time, the Paris-based International Energy Agency released its latest monthly oil market report, stating that due to the continued closure of the Strait of Hormuz, high fuel prices, and the situation in the Middle East, global oil supply and demand have been clearly impacted. The International Energy Agency predicts that global oil demand will drop 1.6 million b/d in 2026, an increase of 510,000 b/d compared to the previous month's forecast; global oil supply is expected to drop 4.3 million b/d. According to the report, global oil supply increased to 101.5 million b/d in July, but it was still 6.3 million b/d lower than the same period last year. Of these, 8.3 million b/d production in the Gulf region is still interrupted. In July, global observable oil stocks plummeted by 69 million barrels, a cumulative drop of 410 million barrels since the war began. The International Energy Agency predicts that the global oil market supply gap will reach 1.8 million b/d in the third quarter of this year, more than double the forecast last month. The report notes that the urgency of reopening the Strait of Hormuz has increased further as the usable inventory buffer is rapidly depleted. International oil prices fluctuated sharply in July and once rose to 105 US dollars per barrel. Currently, the price of spot crude oil in North Sea is about 92 US dollars per barrel.
Zhitongcaijing · 2d ago
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On August 12, local time, the Paris-based International Energy Agency released its latest monthly oil market report, stating that due to the continued closure of the Strait of Hormuz, high fuel prices, and the situation in the Middle East, global oil supply and demand have been clearly impacted. The International Energy Agency predicts that global oil demand will drop 1.6 million b/d in 2026, an increase of 510,000 b/d compared to the previous month's forecast; global oil supply is expected to drop 4.3 million b/d. According to the report, global oil supply increased to 101.5 million b/d in July, but it was still 6.3 million b/d lower than the same period last year. Of these, 8.3 million b/d production in the Gulf region is still interrupted. In July, global observable oil stocks plummeted by 69 million barrels, a cumulative drop of 410 million barrels since the war began. The International Energy Agency predicts that the global oil market supply gap will reach 1.8 million b/d in the third quarter of this year, more than double the forecast last month. The report notes that the urgency of reopening the Strait of Hormuz has increased further as the usable inventory buffer is rapidly depleted. International oil prices fluctuated sharply in July and once rose to 105 US dollars per barrel. Currently, the price of spot crude oil in North Sea is about 92 US dollars per barrel.
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