According to the IEA, what is the projected global oil demand for 2026 and which petrochemical feedstocks are experiencing the most severe demand destruction?

The International Energy Agency (IEA) projects global oil demand will decline to 104.26 million barrels per day (b/d) in 2026. The agency identifies naphtha, liquefied petroleum gas (LPG), and ethane — key petrochemical feedstocks — as having experienced 'the clearest demand destruction of any products', directly linking this trend to the geopolitical impact of the Iran war on petrochemicals demand.

What does the IEA explicitly identify as the primary driver behind the observed demand destruction in petrochemical feedstocks like naphtha, LPG, and ethane?

The IEA explicitly links the demand destruction in petrochemical feedstocks — specifically naming naphtha, LPG, and ethane — to the 'Iran war', stating it is the causal factor behind the 'clearest demand destruction of any products' observed across the oil product spectrum.

IEA Flags Oil Consumption Decline in 2026, Petchems Demand Destruction Linked to Iran War

Apr 14, 2026

The IEA forecasts global oil demand will fall to 104.26 million barrels per day by 2026. Additionally, petrochemical feedstocks such as naphtha and LPG are experiencing severe demand destruction linked to the conflict in Iran.

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