The International Energy Agency has sharply reduced its forecast for global oil demand this year, as supplies remain crimped by the closure of the Strait of Hormuz and high prices deter buyers, Reuters reports.
Demand is expected to slump by 1.6 million barrels per day (mb/d), compared with its forecast slump of one million barrels in its previous monthly report in July.
Crude prices have remained well above levels seen before the US and Israeli attacks on Iran in late February, sparking a war that has seen oil infrastructure damaged in several Gulf countries.
