Global oil demand may fall this year for first time since COVID pandemic: IEA

International Energy Agency (IEA) projected global oil demand to fall this year, marking the first decline in demand since the COVID-19 pandemic. It expects demand to dip by around one million barrels per day in 2026, driven by elevated crude prices and the Strait of Hormuz blockade. Asia accounted for largest share of the decline, with China leading the group.