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World oil demand set for first annual decline since 2020, IEA says
Global oil demand is set to decline for the first time since 2020 as the Iran war wreaked havoc with production and exports in the Middle East, the International Energy Agency (IEA) said Friday.
Summary
Global oil demand is set to decline for the first time since 2020 as the Iran war wreaked havoc with production and exports in the Middle East, the International Energy Agency (IEA) said Friday. World oil demand is set to decline by 1 million b/d year-on-year in 2026, which would mark its first annual decrease since the height of the Covid-19 pandemic in 2020, the IEA said in its latest oil market report.
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