West Asia conflict drives majority of 4.8 million bpd shortfall
NewsBytes | May 4, 2026 12:39 PM CST
IEA expects demand down 1.5 million/2.3 million bpd
The International Energy Agency expects global oil demand to shrink, down by 1.5 million barrels per day this quarter and 2.3 million barrels per day in April 2026.
This slowdown could start in the Middle East and Asia-Pacific, then spread further if supply issues continue.
Lower demand might push crude prices down, which could actually help oil companies' profits for a while, even though overall demand is falling.
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