Global oil demand in 2026 will decline by 418,000 barrels per day (bpd) compared to the previous year amid the conflict in the Middle East, reads the monthly update of the International Energy Agency (IEA), Report informs.
The demand forecast has worsened by 334,000 bpd compared to April expectations.
Furthermore, observed global oil inventories in April were reported to have declined by 117 million barrels (equivalent to 3.9 million bpd), falling to approximately 7.9 billion barrels. Onshore oil inventories fell by 170 million barrels, but tanker inventories increased by 53 million barrels after a decline of 117 million barrels in the previous month.