{"id":2036850,"date":"2026-07-10T11:58:11","date_gmt":"2026-07-10T08:58:11","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=2036850"},"modified":"2026-07-10T11:58:11","modified_gmt":"2026-07-10T08:58:11","slug":"global-oil-demand-set-for-first-annual-drop-since-the-covid-19-pandemic-iea-says","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=2036850","title":{"rendered":"Global oil demand set for first annual drop since the COVID-19 pandemic, IEA says"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/83\/34\/12\/1200x675_cmsv2_804a20a8-9373-5679-949e-a1a63bf564ce-9833412.jpg&#8221;]<\/p>\n<article id=\"abe-2908915-pos1-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2908915\" data-cid=\"9833776\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908915-label-pos1-c-latest-stories\" 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src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/33\/67\/189x106_cmsv2_e7200982-f4a3-5037-9200-211aceadbdc5-9833367.jpg\" loading=\"lazy\" alt=\"Ukraine will soon be able to open a new accession cluster.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    EU agrees to open new accession phase with Ukraine and Moldova\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2908897-pos4-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2908897\" data-cid=\"9833697\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908897-label-pos4-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/36\/97\/189x106_cmsv2_d7e91da9-d775-57a2-bd4d-aae32c74f4da-9833697.jpg\" loading=\"lazy\" alt=\"A Reform UK political sign put up by the householder to show support ahead of local council elections in London, 6 May, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Met Police investigating donations to Reform UK party, media says\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2908915-pos1-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2908915\" data-cid=\"9833776\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908915-label-pos1-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/37\/76\/189x106_cmsv2_60215ec6-3d48-5a7f-a8f4-1f5ca7efe088-9833776.jpg\" loading=\"lazy\" alt=\"Oasis fans gather for the first reunion concert on 4 July 2025 in Cardiff \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Travel News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Oasis and Glasto effect: A record year for UK music tourism in 2025\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2908782-pos2-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2908782\" data-cid=\"9833021\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908782-label-pos2-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/30\/21\/189x106_cmsv2_5d23850f-c39b-5e40-b05f-eecb40c86e59-9833021.jpg\" loading=\"lazy\" alt=\"Burned vehicles following firebomb attacks that apparently targeted members of Greece&apos;s governing New Democracy party in Thessaloniki, 1 July, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div 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new accession phase with Ukraine and Moldova\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2908897-pos4-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2908897\" data-cid=\"9833697\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908897-label-pos4-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/36\/97\/189x106_cmsv2_d7e91da9-d775-57a2-bd4d-aae32c74f4da-9833697.jpg\" loading=\"lazy\" alt=\"A Reform UK political sign put up by the householder to show support ahead of local council elections in London, 6 May, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Met Police investigating donations to Reform UK party, media says\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article class=\"helper-site-row o-article-newsy\">\n<div class=\"helper-site-container o-article-newsy__container\">\n<div class=\"o-article-newsy__main\">\n<header class=\"h-grid o-article-newsy__main__header\">\n<nav aria-label=\"Breadcrumbs\" class=\"c-article-breadcrumbs\">\n<div id=\"adb-article-breadcrumb\" class=\"c-article-breadcrumbs__list\">\n<p>                          Business<\/p>\n<p>                          Economy<\/p><\/div>\n<\/nav>\n<h1 class=\"c-article-redesign-title\">\n                            Global oil demand set for first annual drop since the COVID-19 pandemic, IEA says<\/h1>\n<div class=\"c-article-image-video u-position-relative \">\n<div class=\"js-superdiv u-aspect-ratio-16x9 u-position-relative \" data-sponsored=\"Partner content\"><img fetchpriority=\"high\" decoding=\"async\" class=\"js-poster-img c-article-media__img\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/34\/12\/1536x864_cmsv2_804a20a8-9373-5679-949e-a1a63bf564ce-9833412.jpg\" width=\"1536\" height=\"864\" loading=\"eager\" alt=\"Smoke billows after an Iranian missile struck an oil refinery in Haifa, northern Israel, 16 June 2025\"><\/div>\n<div class=\"c-article-caption u-position-absolute\"><i id=\"article-caption-content\" class=\"c-article-caption__content\"><span class=\"c-article-caption__text\"><br \/>\n              Smoke billows after an Iranian missile struck an oil refinery in Haifa, northern Israel, 16 June 2025<br \/>\n                    <span class=\"u-color-white\">&#8211;\u00a0<\/span><span class=\"c-article-caption__copyright\">Copyright\u00a0<\/span><span class=\"c-article-caption__credit\">AP Photo\/Ariel Schalit<\/span><\/span><\/i><\/div>\n<div class=\"c-article-image-copyright c-article-image-copyright--novideo\">\n      Copyright\u00a0AP Photo\/Ariel Schalit\n  <\/div>\n<\/div>\n<\/header>\n<div class=\"h-grid o-article-newsy__main__body u-article-content\">\n<div class=\"o-article-newsy__contributors-publication-date\">\n<div class=\"c-article-contributors\">\n  By&amp;nbspQuirino Mealha\n<\/div>\n<div class=\"c-article-publication-date\" data-timestamp=\"1783684691\">\n         Published on<br \/>\n            <time datetime=\"2026-07-10 13:58:11 +02:00\">10\/07\/2026 &#8211; 13:58 GMT+2<\/time><\/div>\n<\/div>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div class=\"c-article-share-comment-popup-overlay js-c-article-share-comment-popup-overlay 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alt=\"vk\" loading=\"lazy\"><span>VK<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-vk.svg\" width=\"48\" height=\"48\" alt=\"vk\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-bluesky.svg\" width=\"24\" height=\"24\" alt=\"bluesky\" loading=\"lazy\"><span>Bluesky<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-bluesky.svg\" width=\"48\" height=\"48\" alt=\"bluesky\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"24\" height=\"24\" alt=\"threads\" loading=\"lazy\"><span>Threads<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"48\" height=\"48\" alt=\"threads\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"24\" height=\"24\" alt=\"whatsapp\" loading=\"lazy\"><span>Whatsapp<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"48\" height=\"48\" alt=\"whatsapp\" class=\"u-show-for-desktop\" loading=\"lazy\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"c-article-summary\">\n        Global oil consumption is on course to shrink this year for the first time since the COVID-19 pandemic, the International Energy Agency has said, as the war between the US and Iran throttled Gulf exports, though the IEA also noted supply increased in June.<br \/>\n    <\/h2>\n<div class=\"c-article-content c-article-content--business js-article-content\">\n<p>Global oil demand will fall by one million barrels a day in 2026, the IEA said on Friday, making it the first annual contraction since 2020, when Covid lockdowns grounded aviation and shuttered industry. <\/p>\n<div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<p>The comparison flatters this year&#8217;s decline in one respect, since demand collapsed by around eight million barrels a day at the height of the pandemic, but it underlines how severely the closure of the Strait of Hormuz has damaged the global economy.<\/p>\n<p>The contraction is &#8220;highly skewed in both product and regional terms&#8221;, the agency noted in its monthly report. <\/p>\n<p>Earlier IEA analysis traced the sharpest losses to Asia&#8217;s import-dependent economies and to petrochemical feedstocks such as naphtha and liquefied petroleum gas, whose supply chains run through the Strait of Hormuz.<\/p>\n<p>At the time of writing, the front month contract on Brent crude, the international benchmark, was trading at around $76 a barrel, roughly 6% higher than before the US and Israel launched strikes on Iran in late February, and far below the peaks near $120 reached in March at the height of the conflict.<\/p>\n<p>The US benchmark, WTI, was trading lower at around $72 a barrel.<\/p>\n<h2>June&#8217;s fragile rebound<\/h2>\n<p>Supply improved sharply last month, if from a desperately low base. <\/p>\n<p>Global production jumped by 4.1 million barrels a day in June to 98.8 million as the partial reopening of the Strait of Hormuz allowed Gulf producers to restart shut-in wells, though output was still running 9.4 million barrels a day beneath its pre-war level.<\/p>\n<div class=\"c-widget-related\" data-stories-id data-event=\"widget_related\">\n<div class=\"c-widget-related__title\"><b class=\"c-widget-related__title__text\" lang=\"en\">Related<\/b><\/div>\n<ul class=\"c-widget-related__list\">\n<li class=\"c-widget-related__item\">OPEC+ agrees another modest output rise as oil prices fall back to pre-war levels<\/li>\n<li class=\"c-widget-related__item\">EU countries rush to avoid disastrous revision of Russian oil price cap<\/li>\n<\/ul>\n<\/div>\n<p>Gulf exports, counting cargoes rerouted around the strait, climbed by 6.5 million barrels a day to 16.1 million. Before the fighting began in late February, the region shipped an average of 24 million barrels.<\/p>\n<p>Global oil inventories grew for the first time since US and Israeli strikes on Iran ignited the conflict, halting months of record drawdowns, although stockpiles in the wealthiest economies shrank further as buyers held back from importing.<\/p>\n<h2>The truce unravels<\/h2>\n<p>The IEA&#8217;s forecasts rest on an assumption now under visible strain which is that a ceasefire holds and the Strait of Hormuz gradually reopens. <\/p>\n<p>On that basis, global supply would contract by 3.7 million barrels a day this year, leaving production 860,000 barrels a day short of demand, before expanding by 7.5 million next year and tipping the market into surplus.<\/p>\n<p>Stronger output elsewhere and weaker demand than expected before the war could still restore a surplus by the end of the year, allowing countries to rebuild depleted reserves, the IEA noted.<\/p>\n<p>This week brought the second and far larger breach of last month&#8217;s truce. <\/p>\n<p>After Iranian forces struck three commercial vessels on Monday and Tuesday, US Central Command hit more than 80 targets across Iran, including air defences, coastal radar and over 60 Revolutionary Guard small boats, while Washington revoked the licence permitting Iranian oil exports.<\/p>\n<div class=\"widget widget--type-tweet widget--size-fullwidth widget--align-center\">\n<div class=\"widget__wrapper\">\n<div class=\"widget__ratio widget__ratio\u2014auto\">\n<div class=\"widget__contents\">\n<figure class=\"widget__figure\"><figcaption class=\"widget__caption\"><span class=\"widget__captionWrap\"><span class=\"widget__captionText\">Trump declaring Iran ceasefire &#8216;over&#8217;<\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Iran fired drones and missiles at Bahrain and Kuwait, causing no major damage, and US President Donald Trump has since declared the ceasefire over. <\/p>\n<p>Tehran insists the only safe passage is the route it sets in the Strait of Hormuz as traffic fell to 13 tankers on Wednesday, against an average of 33 a day the previous week, according to shipping data from Kpler.<\/p>\n<\/div>\n<footer class=\"perf-cv-auto c-article-contributors c-article-contributors-supplementary u-margin-top-2 u-padding-top-2\">\n<p>Additional sources<strong> \u2022 AFP<\/strong><\/p>\n<\/footer>\n<p>                                  Go to accessibility shortcuts<\/p>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div id=\"adb-article-you-might-also-like\" class=\"perf-cv-auto c-article-you-might-also-like\">\n<h2 class=\"c-article-you-might-also-like__title\">\n        Read more<br \/>\n      <\/h2>\n<div class=\"c-article-you-might-also-like__container\">\n<article id=\"abe-2908793-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2908793\" data-cid=\"9833054\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908793-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/30\/54\/480x270_cmsv2_72953e32-2ed8-5736-88c6-0639db061402-9833054.jpg\" loading=\"lazy\" alt=\"FILE. 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Passengers board a London-bound EasyJet flight at Amsterdam&apos;s Schiphol airport, Netherlands, Nov. 2019\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    EasyJet backs Apollo&#8217;s \u00a35.7bn takeover bid over Castlelake<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2908765-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video the-media-object--no-label\" data-nid=\"2908765\" data-cid=\"9832941\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908765-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/29\/41\/320x180_cmsv2_eaeac022-391a-577b-a720-86910204b539-9832941.jpg\" loading=\"lazy\" alt=\"Workers stage a protest in front of the Volkswagen 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Passengers board a London-bound EasyJet flight at Amsterdam&apos;s Schiphol airport, Netherlands, Nov. 2019\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    EasyJet backs Apollo&#8217;s \u00a35.7bn takeover bid over Castlelake<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2908765-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2908765\" data-cid=\"9832941\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908765-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/29\/41\/480x270_cmsv2_eaeac022-391a-577b-a720-86910204b539-9832941.jpg\" loading=\"lazy\" alt=\"Workers stage a protest in front of the Volkswagen plant in Zwickau, Germany, Thursday, 9 July 2026. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Volkswagen lacks backing for overhaul plan with up to 100,000 job cuts<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2908577-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2908577\" data-cid=\"9831910\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908577-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/19\/10\/480x270_cmsv2_f6d300c4-c8b7-533a-b5d5-20771bda0f7f-9831910.jpg\" loading=\"lazy\" alt=\"A South Korean bank clerk carries bundles of U.S. banknotes at a local bank in Seoul, Wednesday, Jan. 4, 2006. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    A new millionaire every 15 minutes in France: How does Europe compare?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2908793-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video the-media-object--no-label\" data-nid=\"2908793\" data-cid=\"9833054\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908793-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/30\/54\/320x180_cmsv2_72953e32-2ed8-5736-88c6-0639db061402-9833054.jpg\" loading=\"lazy\" alt=\"FILE. 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2026. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Volkswagen lacks backing for overhaul plan with up to 100,000 job cuts<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2908577-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2908577\" data-cid=\"9831910\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908577-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/19\/10\/320x180_cmsv2_f6d300c4-c8b7-533a-b5d5-20771bda0f7f-9831910.jpg\" loading=\"lazy\" alt=\"A South Korean bank clerk carries bundles of U.S. banknotes at a local bank in Seoul, Wednesday, Jan. 4, 2006. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    A new millionaire every 15 minutes in France: How does Europe compare?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2908603-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2908603\" data-cid=\"9832200\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908603-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/22\/00\/320x180_cmsv2_8e14767a-ac44-5fd5-b7c3-685ee18ebaa1-9832200.jpg\" loading=\"lazy\" alt=\"A branch of BBVA bank in Spain, 15 August, 2014\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Spain&#8217;s BBVA bank and former chairman to stand trial over spying<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2908487-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2908487\" data-cid=\"9831288\" data-part-label=\"Partner content\">\n<figure id=\"abe-2908487-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/83\/12\/88\/320x180_cmsv2_96e7e2d3-c81d-5fc5-8762-8bc2784a1e41-9831288.jpg\" loading=\"lazy\" alt=\"Participants walk near displays during the NATO Defence Industry Forum at the NATO summit in Ankara, Turkey, 7 July 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Can a new global defence bank unlock \u00a3100bn for rearmament?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2907986-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-video the-media-object--has-related the-media-object--no-label\" data-nid=\"2907986\" data-cid=\"9828740\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Digital euro enters final round of EU negotiations<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2908087-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2908087\" data-cid=\"9829295\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    House prices and rents: Where did they rise most in early 2026?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2907779-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2907779\" data-cid=\"9827608\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    The five fastest-growing economies in Europe over the next five years<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2908577-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2908577\" data-cid=\"9831910\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    A new millionaire every 15 minutes in France: How does Europe compare?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2908508-pos5-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2908508\" data-cid=\"9831571\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Volkswagen weighs 100,000 job cuts in battle for survival<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<div class=\"articleBody\" data-key=\"articleBody\">Global oil demand will fall by one million barrels a day in 2026, the IEA said on Friday, making it the first annual contraction since 2020, when Covid lockdowns grounded aviation and shuttered industry.The comparison flatters this year&#8217;s decline in one respect, since demand collapsed by around eight million barrels a day at the height of the pandemic, but it underlines how severely the closure of the Strait of Hormuz has damaged the global economy.The contraction is &#8220;highly skewed in both product and regional terms&#8221;, the agency noted in its monthly report.Earlier IEA analysis traced the sharpest losses to Asia&#8217;s import-dependent economies and to petrochemical feedstocks such as naphtha and liquefied petroleum gas, whose supply chains run through the Strait of Hormuz.At the time of writing, the front month contract on Brent crude, the international benchmark, was trading at around $76 a barrel, roughly 6% higher than before the US and Israel launched strikes on Iran in late February, and far below the peaks near $120 reached in March at the height of the conflict.The US benchmark, WTI, was trading lower at around $72 a barrel.June&#8217;s fragile reboundSupply improved sharply last month, if from a desperately low base.Global production jumped by 4.1 million barrels a day in June to 98.8 million as the partial reopening of the Strait of Hormuz allowed Gulf producers to restart shut-in wells, though output was still running 9.4 million barrels a day beneath its pre-war level.Gulf exports, counting cargoes rerouted around the strait, climbed by 6.5 million barrels a day to 16.1 million. Before the fighting began in late February, the region shipped an average of 24 million barrels.Global oil inventories grew for the first time since US and Israeli strikes on Iran ignited the conflict, halting months of record drawdowns, although stockpiles in the wealthiest economies shrank further as buyers held back from importing.The truce unravelsThe IEA&#8217;s forecasts rest on an assumption now under visible strain which is that a ceasefire holds and the Strait of Hormuz gradually reopens.On that basis, global supply would contract by 3.7 million barrels a day this year, leaving production 860,000 barrels a day short of demand, before expanding by 7.5 million next year and tipping the market into surplus.Stronger output elsewhere and weaker demand than expected before the war could still restore a surplus by the end of the year, allowing countries to rebuild depleted reserves, the IEA noted.This week brought the second and far larger breach of last month&#8217;s truce.After Iranian forces struck three commercial vessels on Monday and Tuesday, US Central Command hit more than 80 targets across Iran, including air defences, coastal radar and over 60 Revolutionary Guard small boats, while Washington revoked the licence permitting Iranian oil exports.Iran fired drones and missiles at Bahrain and Kuwait, causing no major damage, and US President Donald Trump has since declared the ceasefire over.Tehran insists the only safe passage is the route it sets in the Strait of Hormuz as traffic fell to 13 tankers on Wednesday, against an average of 33 a day the previous week, according to shipping data from Kpler.<\/div>\n<p>[analyse_source url=&#8221;https:\/\/www.euronews.com\/business\/2026\/07\/10\/global-oil-demand-set-for-first-annual-drop-since-the-covid-19-pandemic-iea-says&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/83\/34\/12\/1200x675_cmsv2_804a20a8-9373-5679-949e-a1a63bf564ce-9833412.jpg&#8221;] Travel News Oasis and Glasto effect: A record year for UK music tourism in 2025 Europe News Greek anti-terror police arrest three after blast kills woman Europe News EU agrees to open new accession phase with Ukraine and Moldova Europe News Met Police investigating donations to Reform UK party, media says Travel [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[226,36],"class_list":["post-2036850","post","type-post","status-publish","format-standard","hentry","category-international","tag-crawlmanager","tag-euronews-com"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2036850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2036850"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2036850\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2036850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2036850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2036850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}