Demand for crude oil will likely see the biggest slump in the second quarter since the Covid pandemic slammed the global economy in 2020, the International Energy Agency (IEA) said on Tuesday (April 14, 2026).

Surging prices caused by the war in the West Asia will force many countries and industries to curb oil use, and “demand destruction will spread as scarcity and higher prices persist”, the agency said in its monthly report.