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S&P Global Cuts 2026 Oil Demand Forecast by 700,000 Bpd Due to Iran War

Business & Policy
April 23, 2026

(Reuters) – S&P Global Energy has reduced its global oil demand forecast for 2026 by ‌700,000 barrels per day as the U.S.-Iran war disrupts energy supplies from the Middle East and hits demand in the second quarter, ⁠consultant Ethan Ng said on Thursday.

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Global oil demand growth expected to shrink to 400,000 bpd versus pre-war forecast of 1.1 million bpd.
Oil demand to fall sharply in the Middle East and Asia in Q2.
About 178 ‌refineries ⁠accounting for around 40% of the world’s refining capacity are affected by the closure of the Strait of Hormuz.
Physical ⁠Dated Brent prices are capped by a huge drawdown of strategic petroleum reserves ⁠by countries such as Japan and South Korea to manage fuel ⁠shortages.
Diesel and jet fuel have seen the biggest price impact.

Reporting by Florence Tan. Editing by Mark Potter