IEA forecasts global oil demand to drop by 2.5 million barrels per day in 2026

The International Energy Agency (IEA) has forecast that global oil demand will decrease by 2.5 million barrels per day in 2026.

The agency raised its estimate for the decline in global oil demand in 2026 by 940,000 barrels per day, bringing the total projected drop to 2.5 million barrels per day.

The IEA also noted that the oil market needs progress toward resolving conflicts in the Middle East and between Russia and Ukraine.