IEA cuts 2026 global oil demand forecast by 80,000 bpd, reversing a previous 640,000 bpd increase estimate.
IEA now expects global oil supply to fall by 1.5 million bpd in 2026, reversing a prior 1.1 million bpd rise forecast.
OPEC+ output fell 9.4 million bpd in March to 42.4 million bpd, and Hormuz shipments dropped from >20 million bpd in Feb to ~3.8 million bpd in early Apr.
Global oil stocks fell 85 million barrels in March as importers drew down inventories to offset the supply shortfall.