Public Event Detail
S&P Global cuts 2026 oil demand forecast by 700,000 bpd due to Iran war
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Event summary
S&P Global Energy has reduced its 2026 global oil demand forecast by 700,000 barrels per day (bpd) because of the U.S.-Iran war, which is disrupting Middle Eastern energy supplies and diminishing demand in the second quarter. The forecast global oil demand growth has shrunk to 400,000 bpd from a pre-war prediction of 1.1 million bpd, primarily due to sharp declines expected in the Middle East and Asia. The closure of the Strait of Hormuz is affecting approximately 40% of the world's refining capacity, and Dated Brent prices are being managed by strategic petroleum reserve drawdowns by countries like Japan and South Korea, with diesel and jet fuel experiencing the biggest price impacts.