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International Business Times

Business

US Bucks The Trend Despite Price Spike, But Oil Demand Set To Slump: When Is A Recovery Expected

Oil United States IEA the International Energy Agency Covid-19 Iran Pandemic the Strait of Hormuz

Gas prices over $6.00 are displayed at a Shell station across from the Marathon Petroleum Corp's Los Angeles Refinery on April 02,in Carson, California. (Credit: Justin Sullivan/Getty Images)

Oil demand worldwide is expected to dip this year, the International Energy Agency said in a report.

The expected decline in oil demand would be the first time since the peak of the COVID-19 pandemic in 2020, the IEA report said.

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