The International Energy Agency released its latest monthly oil report on the 12th. Affected by the ongoing blockade of the Strait of Hormuz and high fuel prices, global oil consumption continues to be suppressed. Global oil demand is expected to decrease by 1.6 million barrels per day in 2026, an increase of 510,000 barrels over the decline predicted in the previous month's report. Global oil demand is expected to increase by 2.4 million barrels per day in 2027. The report points out that the recovery in oil supply in the Gulf region reversed in July with the situation in the Middle East, and the benchmark crude oil price once rose to a two-month high. Affected by the renewed conflict and sudden changes in the diplomatic situation, oil prices fluctuated sharply within a broad range of about 40 US dollars. On the supply side, global oil supply increased by 2.4 million barrels per day in July to 101.5 million barrels, but it is still 6.3 million barrels lower than the same period last year. The report predicts that global oil supply will decrease by 4.3 million barrels per day in 2026, and is expected to rebound in 2027, increasing by 8.3 million barrels per day to reach 110.3 million barrels.

The International Energy Agency released its latest monthly oil report on the 12th. Affected by the ongoing blockade of the Strait of Hormuz and high fuel prices, global oil consumption continues to be suppressed. Global oil demand is expected to decrease by 1.6 million barrels per day in 2026, an increase of 510,000 barrels over the decline predicted in the previous month's report. Global oil demand is expected to increase by 2.4 million barrels per day in 2027. The report points out that the recovery in oil supply in the Gulf region reversed in July with the situation in the Middle East, and the benchmark crude oil price once rose to a two-month high. Affected by the renewed conflict and sudden changes in the diplomatic situation, oil prices fluctuated sharply within a broad range of about 40 US dollars. On the supply side, global oil supply increased by 2.4 million barrels per day in July to 101.5 million barrels, but it is still 6.3 million barrels lower than the same period last year. The report predicts that global oil supply will decrease by 4.3 million barrels per day in 2026, and is expected to rebound in 2027, increasing by 8.3 million barrels per day to reach 110.3 million barrels.