IEA Forecasts First Annual Decline in Global Oil Demand Since 2020
The International Energy Agency (IEA) predicts a year-on-year decline of 1 million barrels per day in global oil demand by 2026, marking the first annual drop since the height of the pandemic. The forecast is based on assumptions about a ceasefire and reopening of the Strait of Hormuz after recent disruptions from regional conflicts.
Topics: global oil demand IEA report Middle East conflict Strait of Hormuz closure