Energy Crisis Is Changing Demand Patterns—For Now | EN590 Commodities

Crude Oil · May 21, 2026

Norway’s Offshore Oil Production Beats Forecasts in April Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry. Roughly one-fifth of global LNG flows has been impacted by the Hormuz crisis. The cumulative losses in crude oil supply have topped 1 billion barrels since the start of March. Governments are rationing fuel and advising conservation. Some are already predicting a complete transformation of global energy consumption patterns. But these predictions are a bit premature. Earlier this month, the International Energy Agencywarnedin its monthly oil report that the world’s oil supply this year will be 3.9 million barrels daily lower than it was last year. The reason is, of course, the oil flow disruption caused by the war between the Uni

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