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Crude oil demand to see biggest quarterly plunge since Covid: IEA

World News

14-04-2026 | 04:18

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Crude oil demand to see biggest quarterly plunge since Covid: IEA

Demand for crude oil will likely see the biggest slump in the second quarter since the Covid pandemic slammed the global economy in 2020, the International Energy Agency warned Tuesday.

Surging prices caused by the war in the Middle East will force many countries and industries to curb oil use, and "demand destruction will spread as scarcity and higher prices persist", the agency said in its monthly report.

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