IEA: Oil demand to fall by 1.12M bpd in 2026

Global oil demand will decline by 1.12 million barrels per day (bpd) this year amid the conflict in the Middle East, reads the monthly update of the International Energy Agency (IEA), Report informs.

A month earlier, analysts expected a decline of 418,000 bpd. This represents a downward revision of the forecast by 700,000 bpd.

The preliminary forecast for 2027 is 105.3 million bpd. Analysts expect global oil demand to grow by 2 million bpd next year.