Singapore, April 23, 2026 – 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.
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. (Reuters)
