IEA Forecasts First Global Oil Demand Decline Since 2020

The International Energy Agency released a new demand outlook. It projects that global oil consumption will fall for the first time since 2020. The forecast reflects shifting energy use patterns and policy impacts. Analysts link the decline to increased adoption of renewable sources. The IEA expects the reduction to affect major oil‑producing nations. Market participants are monitoring potential price adjustments. The agency's report underscores a broader transition in the energy sector. Observers will watch how the trend influences future investment decisions.