The International Energy Agency (IEA) said global oil demand is set to fall further than expected as key waterways through which a significant percentage of energy pass remain closed. The agency now said it expects global demand to drop by 1.6 million barrels a day, a 510,000 increase compared to the July forecast. Global oil demand is projected to expand by 2.4 mb/d in 2027," the report adds. It was at about 415 million barrels before the war with Iran bean in late February and has a maximum authorized capacity of 714 million barrels. A spokesperson for the DoE told CNBC that the minimum amount needed to operate the SPR is 70 million barrels.