Global oil demand is projected to decrease by approximately 1 million barrels per day in 2026, marking the first decline since the COVID-19 pandemic. This reduction is attributed to elevated oil prices and supply disruptions, particularly stemming from the conflict between the U.S. and Iran, which impacted shipping through the Strait of Hormuz. While demand has fallen significantly in Asia, especially China, the U.S. has seen an increase in gasoline consumption despite higher prices. Refined product prices, such as gasoline and diesel, remain elevated due to refinery damage in Russia and the Middle East, coupled with reduced demand from key buyers like China. AI
RANK_REASON Article discusses market trends and expert opinions on oil prices and demand, rather than a specific event.
- Center on Global Energy Policy
- China
- Columbia University
- COVID-19 pandemic
- Daniel Sternoff
- International Energy Agency
- Iran
- Jim Burkhardt
- Middle East
- Persian Gulf
- Russia
- S&P Global Energy
- Strait of Hormuz
- Ukraine
- U.S.
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