Global Oil Prices Fall as OPEC and IEA Cut 2026 Demand Forecasts

Global oil prices fell in Asian trading on Thursday, August 13, 2026 (22 Mordad 1405), after OPEC and the International Energy Agency (IEA) both cut their 2026 oil demand forecasts on Wednesday, August 12, citing the continued closure of the Strait of Hormuz. According to Oilprice.com, Brent crude dropped 0.5 percent to $88.56 a barrel, while US benchmark WTI fell 0.6 percent to $82.77.

In its August monthly report, the IEA raised its projected 2026 demand decline to 1.6 million barrels per day (bpd), a 510,000 bpd increase from its July estimate. OPEC also lowered its 2026 demand growth forecast to 580,000 bpd from 780,000 bpd in July. Separately, the US Energy Information Administration (EIA) reported a surprise 17.4 million barrel build in US crude inventories for the week ending August 7, bringing stockpiles to 424.4 million barrels, just 2 percent below the five year average.