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IEA forecasts world oil demand will decline for first time since 2020

The IEA said global oil demand is expected to fall year over year, marking the first annual drop since 2020.

Reported · Written up by our desk · Energy

The International Energy Agency said world oil demand is set to decline for the first time on an annual basis since 2020.

CNBC Markets and CNBC World both highlighted the IEA view as demand expectations shift toward a downturn after years of growth.

The forecast points to weakening conditions for oil markets, with the IEA’s annual decline flagging a change in the demand outlook.

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Sources

CNBC MarketsWorld oil demand set for first annual decline since 2020, IEA says
CNBC WorldWorld oil demand set for first annual decline since 2020, IEA says

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