'Demand destruction will spread': IEA forecasts sharpest fall in global oil demand since pandemic

James Murray
clock • 9 min read
The Strait of Hormuz / Credit: iStock
Image:

The Strait of Hormuz / Credit: iStock

Oil demand plummets and fears over jet fuel supplies grow, as governments look to ramp up clean tech deployment in response to worsening energy crisis

Global oil demand has fallen sharply since the start of the Iran War and is on track for the steepest quarterly contraction since the Covid-19 pandemic, according to new figures from the International...

To continue reading this article...

Join BusinessGreen

In just a few clicks you can start your free BusinessGreen Lite membership for 12 months, providing you access to:

  • Three complimentary articles per month covering the latest real-time news, analysis, and opinion from Europe’s leading source of information on the Green economy and business
  • Receive important and breaking news stories via our daily news alert
  • Our weekly newsletter with the best of the week’s green business news and analysis

Join now

 

Already a BusinessGreen member?

Login

More on Energy

ScottishPower's Kate McGeoch: 'We need more technologies to normalise sustainability at scale'

ScottishPower's Kate McGeoch: 'We need more technologies to normalise sustainability at scale'

ScottishPower's senior environmental manager, Kate McGeoch, reflects on how a non-linear career path has prepared her for the 'breadth and uncertainty' of working in sustainability

Stuart Stone
clock 13 May 2026 • 8 min read
'Raising the bar': Ofgem and Innovate UK set priorities for £500m investment programme

'Raising the bar': Ofgem and Innovate UK set priorities for £500m investment programme

RIIO-3 innovation funding to focus on accelerating industrial and business grid connections and enabling plug-and-play for domestic clean technologies

Stuart Stone
clock 13 May 2026 • 3 min read
Study: Clean power 'bringing down wholesale prices', as gas' influence wanes

Study: Clean power 'bringing down wholesale prices', as gas' influence wanes

New analysis shows how gas power’s falling share of the electricity mix is allowing renewables to have a dampening effect on wholesale power prices

James Murray
clock 13 May 2026 • 4 min read