Entrance to IEA offices in Paris, March 11, 2026. (Credit: Ludovic Marin/AFP)
The International Energy Agency (IEA) has projected the steepest decline in global oil demand in the second quarter since the Covid-19 pandemic, according to its latest monthly report, citing uncertainty over a potential negotiated settlement to the Middle East conflict.
The agency said the “destruction” of oil consumption, initially seen in the Middle East and Asia-Pacific, is expected to spread as supply shortages and rising prices persist.
It also described the war in the Middle East as the most severe oil supply shock in history, estimating a loss of 10 million barrels last month, while noting that Russia’s oil export revenues have doubled between February and March due to higher prices.
The International Energy Agency (IEA) has projected the steepest decline in global oil demand in the second quarter since the Covid-19 pandemic, according to its latest monthly report, citing uncertainty over a potential negotiated settlement to the Middle East conflict.
The agency said the “destruction” of oil consumption, initially seen in the Middle East and Asia-Pacific, is expected to spread as supply shortages and rising prices persist.
It also described the war in the Middle East as the most severe oil supply shock in history, estimating a loss of 10 million barrels last month, while noting that Russia’s oil export revenues have doubled between February and March due to higher prices.
