*The IEA revised down its outlook for Q2 global oil demand by 780,000 b/d this month (MEES, 15 May), bringing the cumulative downgrade since the start of the war to 2.94mn b/d.
*The outlook for Q3 was also downgraded by 710,000 b/d, and absent a near-term political breakthrough that re-opens the Strait of Hormuz, this figure stands to be revised down further in the coming months. The IEA’s calculations assume a gradual re-opening of the strait in Q3, and if this fails to materialize then rising prices stand to generate additional demand destruction. (CONTINUED - 183 WORDS)
