Commodities
IEA Cuts Oil Demand Forecast Amid Ongoing Middle East Conflict
The International Energy Agency (IEA) has slashed its global oil demand forecast by 1.6 million barrels per day (bpd), citing the ongoing conflict in the Middle East as a major driver of the decline.
The agency expects demand to fall more sharply than previously thought this year, with the largest impact felt in the third quarter when global oil demand is forecast to drop by 2.8 million bpd year on year.
The conflict has disrupted oil supplies and pushed up fuel prices, forcing businesses and individuals to cut consumption.