Stock Track | Occidental Petroleum Plummets 5.03% Intraday as IEA Cuts Oil Demand Forecast

Stock Track

02/13

Occidental Petroleum's stock fell sharply by 5.03% during intraday trading on Thursday, reflecting broader weakness in the energy sector.

The decline followed the International Energy Agency's decision to lower its global oil demand forecast for 2026, which prompted a sell-off in energy stocks. Oil prices dropped significantly, with Brent crude futures down 2.9% and U.S. West Texas Intermediate crude futures falling nearly 3%.

Analysts noted that the market gave more weight to the IEA's reduced demand outlook rather than receding geopolitical risks. Occidental was among the top percentage losers in the energy sector, alongside other major oil and gas companies that also experienced declines.

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