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Euronews
Quirino Mealha

Global oil demand set for first annual drop since the COVID-19 pandemic, IEA says

IEA Oil Covid-19 Iran United States Gulf Strait of Hormuz

Global oil demand will fall by one million barrels a day in 2026, the IEA said on Friday, making it the first annual contraction since 2020, when Covid lockdowns grounded aviation and shuttered industry.

The comparison flatters this year's decline in one respect, since demand collapsed by around eight million barrels a day at the height of the pandemic, but it underlines how severely the closure of the Strait of Hormuz has damaged the global economy.

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