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EIA expects a drop in global oil demand will limit price increases from Hormuz disruptions
The U.S. Energy Information Administration published its June Short-Term Energy Outlook (STEO), reducing its expectation for global oil demand in 2026.
AI Summary
The U.S. Energy Information Administration released its June Short‑Term Energy Outlook, lowering its forecast for global oil demand in 2026. It cites high fuel prices, reduced fuel availability, and government initiatives as reasons for the decline, especially in Asia. The outlook projects the world will consume about one million barrels of oil per day less on average than last year. This lower demand could curb the rise in crude prices that might otherwise result from near‑term disruptions in oil flow through the Strait of Hormuz.
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