Energy watchdog cuts global oil forecasts as it says 'demand destruction will spread'

The International Energy Agency has made large cuts to its forecasts for global oil demand and supply, citing disruption in the Middle East. The Paris-based watchdog says "demand destruction" - a permanent decline in consumer demand that struggles to recover - will spread as "scarcity and higher prices persist". Global oil demand is projected to decline by 80,000 barrels per day in 2026, a sharp contrast to last month's forecast that had predicted a 640,000 barrels per day ri