The International Energy Agency expects global oil demand to fall by about 2.5 million barrels per day in 2026 compared with 2025. High fuel prices are weighing on consumption, particularly in Asia, where petrochemical feedstock demand is weakening. Despite the drop in demand, oil markets remain tight because global supply is expected to decline even more sharply.
Source
https://www.iea.org/reports/oil-market-report-september-2026