Global oil demand to fall by 2.6 million barrels per day in 2026, diesel to account for 25 pc of decline: IEA

October 14, 2026 5:47 PM

Global oil demand to fall by 2.6 million barrels per day in 2026, diesel to account for 25 pc of decline: IEA

Global oil demand is expected to decline by 2.6 million barrels per day (mb/d) in 2026, with diesel accounting for 25 per cent of the dip, according to the International Energy Agency (IEA). In its latest report, the IEA noted that the Iran war is weighing on global oil demand amid fuel shortages, soaring prices and deteriorating economic conditions. Although global oil demand is expected to recover by 2 million barrels per day in 2027, it will still remain 620,000 barrels per day, or 0.6 per ...

EU tells members to prepare for ‘prolonged disruption’ to energy markets from Iran war

March 31, 2026 2:44 PM

EU tells members to prepare for ‘prolonged disruption’ to energy markets from Iran war

European Union governments should prepare for a "prolonged disruption" to energy markets as a result of the Iran war, the bloc's energy chief has told countries' ministers ahead of an emergency meeting on Tuesday. In a letter to energy ministers, EU Energy Commissioner Dan Jorgensen said governments were "encouraged to make timely preparations in anticipation of a potentially prolonged disruption". Europe's heavy reliance on imported fuel means the continent is very exposed to the Middle East ...