Global oil demand is falling, but US drivers keep buying more gas
Global oil demand is projected to decline in 2026 due to supply disruptions in the Persian Gulf and rising prices, according to the International Energy Agency. However, the United States remains an outlier, with domestic gasoline consumption increasing despite higher pump prices.
Why it matters
The divergence between U.S. consumption and global trends highlights the unique economic and geopolitical factors influencing energy markets during international conflicts.
By CATHY BUSSEWITZ Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] --> Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. --> Share
NEW YORK (AP) — Global oil demand is set to decline this year for the first time since the height of the COVID-19 pandemic in 2020, according to a report from the International Energy Agency.
The drop, which the agency expects to amount to about 1 million barrels per day in 2026, is due to higher oil prices and disruptions to physical supply that weighed heavily, but unevenly, on various parts of the world, the report said.
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