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IEA: Crude oil demand may shrink due to the Iran war; exports will stabilize and recover in two months
CryptoWorld News reports that the International Energy Agency (IEA) states that due to the Iran conflict and the near closure of the Strait of Hormuz causing disruptions in oil supply and supply chain chaos, global oil demand will shrink this year. The IEA forecasts that global crude oil demand will decrease by 1.5 million barrels per day in 2026, marking the largest decline since the COVID-19 pandemic. The IEA states: “The outlook for the global oil market’s supply and demand balance has never been more uncertain. The ongoing disruptions to oil supply and trade caused by the Middle East war continue, exacerbating shortages of crude oil and refined products, and pushing prices to levels that weaken demand.” The agency’s forecast suggests that oil and natural gas supplies shipped from the Middle East to international markets will recover by mid-year but will not return to pre-conflict levels. If the Strait of Hormuz reopens and trade routes are secured, it is expected to take about two months to restore stable exports.