Oil Prices Soar as Global Demand Dries Up The International Energy Agency's latest report on global oil demand serves as a stark reminder that the world's economy remains heavily reliant on fossil fuels despite growing concerns about climate change and sustainability.
The agency has revised its forecast for 2026 worldwide oil consumption downward by 2. 5 million barrels a day, a significant adjustment in light of ongoing tensions in the Middle East.
The report warns that supplies will not return to normal until 2027, underscoring the far reaching consequences of regional conflicts on global markets.