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Global oil demand to fall 1M barrels/day in 2026 amid US-Iran conflict

By PulseAugur Editorial · [1 sources] ·

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.

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AI-generated summary · Google Gemini · from 1 sources. How we write summaries →

Global oil demand to fall 1M barrels/day in 2026 amid US-Iran conflict

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Article discusses market trends and expert opinions on oil prices and demand, rather than a specific event.
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COVERAGE [1]

  1. Fortune TIER_1 English(EN) · Cathy Bussewitz, The Associated Press ·

    Global oil demand is falling, and crude prices are down. But here’s why gasoline, diesel and other refined products are still costly

    The main exception to the global slump in oil usage was in the U.S., where gasoline use increased in the second quarter of 2026.

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