Global oil demand set for first annual drop since the COVID-19 pandemic, IEA says

Global oil demand is expected to drop for the first time since the COVID-19 pandemic, according to the International Energy Agency. The agency points to geopolitical tensions, particularly the conflict between the US and Iran, which has reduced Gulf oil exports. Despite this, supply increased in June, showing a bit of a recovery. This decline in demand has significant implications for global markets, energy prices, and economies reliant on oil exports, highlighting the ongoing impact of both pandemic-related shifts and geopolitical instability.