Global oil demand is projected to fall by approximately 3 million barrels per day in 2026, taking a year to recover to pre-US-Iran war levels, according to Vitol Group CEO Russell Hardy. This estimate is more pessimistic than the International Energy Agency's forecast of a 2.6 million barrel daily decline. High fuel costs have weighed on consumption, with Hardy noting the economic toll of surging energy prices.
An end to Middle East conflict could ease prices, but ongoing tension threatens difficult market months ahead.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing