The International Energy Agency (IEA) said that global oil demand is increasing again despite war concerns.
On July 10, the IEA said that the recovery in global oil demand has begun as supply began to move back cautiously through the Strait of Hormuz and prices fell.
Recovery in world oil demand is taking place, with consumption expected to increase from the lowest level in May," according to the IEA monthly report.
The agency has adjusted its demand forecast for 2026 to below 1 million barrels per day compared to last year due to the Middle East war, compared to a decrease of 1.1 million barrels predicted in the previous report.
Global oil supplies have recovered strongly, increasing by 4.1 million barrels per day, to 98.8 million barrels per day in June. The resumption of flow through the Strait of Hormuz has supported the partial recovery of oil production in the Gulf region. Although the increase is recorded, world production is still about 9.4 million barrels per day lower than pre-conflict production" - the report said.
