33 Days
Source:
المشهد العربي
Energy Agency forecasts global oil demand decline
The International Energy Agency expects global oil demand to decrease by one million barrels per day in 2026, marking an unprecedented shift since the COVID-19 pandemic. This decline is attributed to the significant repercussions of the Iranian war, which caused extensive damage to production and export operations in the Middle East. Despite an increase in global production by about 4.1 million barrels per day in June of last year, it remains roughly 9.4 million barrels below pre-war levels. The report forecasts that supply will fall short of demand by approximately 860,000 barrels per day during the year. It also indicates that the escalation of military tensions between the United States and Iran could influence future market expectations.
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