Iran War Causing Biggest Decline Of Oil Demand In History Outside The Pandemic, S&P Says

Oil demand is seeing the biggest decline on record outside of the pandemic, S&P Global Energy said.

The war in Iran has led to the biggest decline in oil demand outside of the pandemic, according to S&P Global Energy.

Concretely, S&P Global Energy now expects demand to fall by about 5 million barrels a day in the second quarter. It also sees crude oil inventories decreasing by 5.5 million barrels a day in the same period, the most on record.