IEA Predicts First Decrease in Global Oil Demand Since 2020

Global oil demand could decrease for the first time since 2020, following months of oil trade restrictions in the Middle East and ongoing geopolitical turmoil, the International Energy Agency (IEA) said on 10th July. This expectation is echoed in OPEC's most recent 2026 global oil demand growth forecast. The global demand for oil is expected to fall by around 1 million bpd year-on-year in 2026, which would be the first annual decline since that which was experienced during the Covid-19 pandemic in 2020, according to a recent IEA report. The IEA…