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The Nexus
BUSINESSJul 10 · 21:15 UTCWTOP DCWTOP Staff

Global oil demand is dropping, but US drivers keep buying more gas

Global oil demand is expected to decline in 2026 due to higher prices and supply disruptions from the U.S.-Iran war, which stranded oil shipments in the Strait of Hormuz. However, U.S. gasoline use rose despite elevated prices, while China significantly reduced oil purchases and slowed its strategic petroleum reserve filling to mitigate the crisis.

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International Energy AgencyorganizationUS-Iran wartopicStrait of HormuzplaceS&P Global EnergyorganizationChinaplaceDaniel SternoffpersonGasolinetopicelectric vehiclestopic
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Global oil demand is dropping, but US drivers keep buying more gas · The Nexus