Global oil demand has plummeted since the start of the Iran war, the International Energy Agency said on Tuesday, in the steepest quarterly decline outside of the Covid-19 pandemic since before the global financial crisis.
The IEA, the world’s oil watchdog, said soaring prices, shortages of supplies and the near-total loss of air travel in the Middle East had led to a drop in demand that was almost unprecedented in its speed and severity.
Global oil demand fell 3.4 per cent in March and is expected to tumble a further 1.1 per cent in April to 100.4mn barrels a day, its lowest in more than three years, according to the IEA.
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