The International Energy Agency (IEA) announced on April 14, 2026, that crude oil demand is projected to undergo its most substantial quarterly drop in the second quarter since the COVID-19 crisis disrupted the worldwide economy in 2020.
Escalating prices stemming from the conflict in West Asia are expected to prompt various nations and sectors to reduce oil consumption. In its monthly report, the agency indicated that reductions in demand will intensify amid ongoing shortages and elevated costs.
