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IEA Cuts Forecast for Global Oil Demand Amid Ongoing Conflict and Rising Prices

Guavy AI Editorial Team
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Oil
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The International Energy Agency (IEA) has reduced its forecast for global oil demand in 2026, expecting a decrease of 2.5 million barrels per day compared to a previously projected decline of 1.6 million barrels per day.

This revised estimate comes amidst the ongoing conflict in the Middle East and rising fuel prices worldwide.

The IEA's monthly report notes that global oil consumption is expected to reach 102.44 million barrels per day this year, down from its previous forecast of 103.29 million barrels per day last month.

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