IEA improves global oil demand forecast, expects 1.047 mln bpd decline in 2026

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The International Energy Agency (IEA) has revised its forecast and now expects global oil demand to decline by 1.047 million barrels per day in 2026. Recent data showed oil demand fell by 5.3 million bpd in May to 97.9 million bpd, the lowest level this year.

The IEA noted that oil demand fell by 5.3 million bpd in May to 97.9 million bpd, hitting its lowest level this year