Branch² Intelligence

Global Oil Demand Is Heading For Its First Drop Since 2020. What's Driving It?

IN · 2026-07-11

Key takeaway

Global oil demand fell 5.3 mb/d YoY in May, first drop since COVID.

Step 1Global oil demand falls 5.3 mb/d YoY in May 2026, first drop since COVID.
Step 2Lower demand pressures crude prices, reducing input costs for oil-dependent industries.
Step 3Indian SMEs in logistics, chemicals, and manufacturing benefit from lower fuel and raw material costs.
Step 4However, the demand drop signals global economic slowdown, potentially reducing export orders for Indian SMEs.

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