Nigeria’s oil demand fell by nearly 30 per cent year-on-year in July as the Middle East war disrupted petroleum trade, tightened fuel supplies and pushed up prices, the International Energy Agency (IEA) has said.
The agency said Nigerian oil consumption declined by 150,000 barrels per day (b/d) during the month, as the conflict continued to affect energy markets and fuel consumption across parts of Africa and Southeast Asia.
In its October Oil Market Report, the IEA projected that Nigeria’s oil demand would decline by almost 60,000 b/d in 2026 to 470,000 b/d before recovering by a similar volume in 2027.
The report showed that Africa’s oil demand also reversed from growth to contraction following the outbreak of the conflict. After estimated growth of 3.4 per cent in the 12 months before the war, African oil consumption contracted by 2.5 per cent year-on-year between March and August 2026. Apparent demand fell by about six per cent over the period.
The agency attributed the pressure partly to Africa’s dependence on imported refined petroleum products, particularly diesel and gasoline, which has left the region vulnerable to supply disruptions and rising prices.
