Global Oil Demand Falls 5.3 Million Bpd as U.S. Gasoline Use Rises Despite $4.50 Prices
Updated
Updated · abcnews.com · Jul 11
Global Oil Demand Falls 5.3 Million Bpd as U.S. Gasoline Use Rises Despite $4.50 Prices
3 articles · Updated · abcnews.com · Jul 11
Summary
97.9 million barrels per day of global oil demand in May was 5.3 million bpd below a year earlier, putting 2026 on track for the first annual decline since 2020.
The IEA tied the drop to the U.S.-Iran war, which stranded crude shipments in the Persian Gulf for months, lifted prices and left Strait of Hormuz traffic still uncertain.
China drove much of the slump: demand fell 1.5 million bpd, or 9%, after Beijing cut global oil purchases by nearly 6 million bpd and paused roughly 1 million bpd of strategic stockpiling.
U.S. drivers bucked the trend, raising gasoline use in the second quarter even after average pump prices topped $4.50 a gallon in May, more than 50% above prewar levels.
That weaker buying also helped cap fresh price spikes after recent strikes, even as refinery damage in Russia and the Middle East kept gasoline and diesel prices elevated longer than crude.