IEA Cuts 2026 Global Oil Demand Forecast, Sees 2.684M b/d Decline

The IEA's monthly report now projects global oil demand in 2026 to fall by 2.684 million b/d year-on-year, a slight worsening from its prior forecast. The revision signals weaker-than-expected consumption, likely reflecting economic slowdown or efficiency gains, though the report does not specify drivers. This adds downward pressure on oil prices and implies softer global growth.

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