New Delhi, April 14 The International Energy Agency (IEA) warned on Tuesday that demand for crude oil will likely see the biggest slump in the second quarter (Q2 2026) since the Covid pandemic slashed fuel consumption. Oil demand is expected to contract by 80,000 barrels per day (kb/d) this year, “as the Iran war upends our global outlook”. “This is 730 kb/d less than in last month’s Report and a forecast 1.5 mb/d 2Q26 decline would be the sharpest since Covid-19 slashed fuel consumption. Initially, the deepest cuts in oil use have come in the Middle East and Asia Pacific,…
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