IEA cuts oil demand forecast, citing Iran war and fuel prices

The short version

• The International Energy Agency lowered its world oil demand forecast, citing the Iran war, escalating fuel prices and a weaker economic outlook.[Associated Press · ABC News]
• Its Wednesday report projects demand falling 2.6 million barrels a day on average this year, with diesel making up 25% of the drop.[Associated Press · ABC News]
• Brent crude traded near $106 a barrel Wednesday morning, after swinging between $96 and nearly $110 over the past month.[Associated Press · ABC News]
• The agency says renewed Gulf attacks leave the recovery fragile, and the timing of normalization remains uncertain.[Associated Press · ABC News]

Key facts

• The IEA projects global oil demand to fall 2.6 million barrels a day on average this year, citing the Iran war.[Associated Press · ABC News]
• Diesel is expected to account for 25% of the projected demand drop.[Associated Press · ABC News]
• The IEA expects a partial recovery of 2 million barrels a day next year, leaving global oil use 0.6% below 2025 levels.[Associated Press · ABC News]
• Oil supply is expected to fall 5.8 million barrels a day to 100.7 million this year, then rise 7.7 million barrels a day next year.[Associated Press · ABC News]
• Brent crude gained 0.6% to $106.37 a barrel on Wednesday morning.[Associated Press · ABC News]
• U.S. gas prices averaged $4.33 per gallon on Wednesday, according to AAA, and remained higher than a month earlier.[Associated Press]
• Brent has moved between $96 and nearly $110 a barrel over the past month amid uncertainty about the Iran war.[Associated Press · ABC News]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• Energy agency lowers world oil demand forecast for the yearAssociated Press · Wire: associated-press
• Energy agency lowers world oil demand forecast for the yearABC News - US News