The IEA reports global oil demand will decline by 1 million barrels/day in 2026 due to the US-Iran war disrupting Middle Eastern oil production and exports, despite gradual export resumption.
The International Energy Agency (IEA) predicts a 1.047 million bpd drop in global oil demand in 2026, the first contraction since 2020. Despite a May slump, improved supply data and lower prices are expected to stimulate consumption, with demand returning to growth in Q4 2026.
The International Energy Agency (IEA) predicts a 1.1 million bpd drop in global oil demand in 2026 due to the Middle East conflict, revising its May forecast downwards. Demand fell sharply in April-May, with recovery expected in Q4 2024.
The IEA predicts a 418,000 bpd drop in global oil demand for 2026 due to the Middle East conflict, revising its forecast downward by 334,000 bpd from April's estimate.
