The demand destruction timebomb
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
The 2026 oil shock, initially a supply crisis of historic scale, is rapidly evolving into a full-blown demand-side challenge, threatening to upend the global recovery. As the benchmark Brent price surpasses the $100/bl psychological and structural threshold, the macroeconomic outlook continues to deteriorate. While the global economy has already faced pressure from rising trade tensions and shifting monetary policies, high energy costs are beginning to ripple through the industrial, commercial and residential sectors across regions, thereby slowing the post-pandemic recovery. While global oil demand has not yet shown sustained contraction, historical precedent suggests prolonged periods of e
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14 April 2026
The GECF has warned it may revise its projections for demand this year downwards in light of conflict in the Middle East, although it maintains its forecasts for 2027 and onwards
13 April 2026
Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower
13 April 2026
Turkmenistan is moving ahead with a modest expansion of the giant Galkynysh field to sustain gas deliveries abroad, but persistent delays to other key pipeline projects and geopolitical risks continue to constrain its export ambitions
13 April 2026
Expensive electricity has forced out swathes of energy-intensive industry and now threatens the country’s ability to attract future investment in datacentres and the digital economy
