New Delhi, May 1 -- Is curbing oil demand the way ahead to stabilize global energy markets? That could be the case as the global energy landscape stares at a critical rebalancing act.

The escalating conflict in West Asia is forcing the global oil market into a phase of "demand destruction", with nearly 4.8 million barrels per day (mbpd) of supply shortfall expected to be absorbed through lower consumption, according to a report by PL Capital.

Global oil prices have been on the boil since the outbreak of the conflict between the US and Iran, triggering the biggest energy crisis. However, prices fell briefly on account of the two-week ceasefire agreed on 8 April. Though US President Donald Trump announced an extension of the ceasefire at ...