Global oil demand is expected to decline for the first time since 2020, largely due to disruptions caused by the Iran war, according to the International Energy Agency (IEA).
💡
The agency said demand will fall by about 1 million barrels per day in 2026 compared with the previous year.
According to the IEA, the contraction has been driven mainly by regional disruptions following the closure of the Strait of Hormuz, a critical oil and gas shipping route that significantly affected exports from the Persian Gulf.
Related Tweet:
Global oil supply rose by “a sharp” 4.1 million barrels per day to 98.8 million barrels per day in June, but remained 9.4 million barrels per day below pre-war levels, the International Energy Agency (IEA) said on Friday
— The New Region (@thenewregion) July 10, 2026
It added that the resumption of flows through the Strait… pic.twitter.com/FQxVUrAadk
Also Read:
Russia’s Diesel Export Ban Raises Global Supply Concerns
Export ban comes as global energy markets remain under pressure from renewed U.S.-Iran tensions and concerns over shipping through the Strait of Hormuz
Power & Capital Desk
