Baku: The International Energy Agency (IEA): forecasts that global daily oil demand will decrease by nearly 1.6 million barrels in 2026, APA-Economics reports, citing the IEA's monthly report.

According to Azeri-Press News Agency, the IEA has lowered its forecast for global daily oil demand in 2026 by 510,000 barrels compared to its previous estimate. In July, the agency had forecasted that global daily oil demand would decrease by 1.047 million barrels in 2026.

The report indicates that global daily oil demand is expected to be 103.288 million barrels in 2026, a decrease from 104.844 million barrels in 2025. Furthermore, the IEA anticipates that global daily oil demand will reach 105.7 million barrels in 2027.

The agency attributes the decline in global daily oil demand to the continued closure of the Strait of Hormuz and high oil prices, which are limiting oil consumption.