Global oil demand will decline this year for the first time since the Covid-19 pandemic in 2020, IEA predicts Task for the week: limit the fallout from biggest oil shock in decades Newsflash: The International Energy Agency has cut its forecasts for global oil demand this year, as the Iran war drives up prices. In its latest oil market report, the IEA warns that supply and demand will both be hurt by conflict in the Middle East. A forecast 1.5 mb/d 2Q26 decline would be the sharpest since C...