IEA forecasts 2.5M bpd drop in oil demand 2026
The International Energy Agency has announced a downward revision of its global oil demand forecast for 2026 by 2.5 million barrels per day, amid the ongoing conflict in the Middle East and rising fuel prices, especially for diesel. Previously, the projections indicated a decline of 1.6 million barrels per day. The global consumption is now expected to reach approximately 102.44 million barrels per day in 2026, compared to the August forecast of 103.29 million barrels. This decline reflects the impact of geopolitical tensions and rising prices on worldwide oil consumption.
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