The Strait of Hormuz disruption is set to trigger the first annual decline in crude consumption since Covid-19, the energy watchdog says
Global oil demand is on track to post its first annual decline since the Covid-19 pandemic as the US-Iran war has severely disrupted Middle Eastern oil production and exports, the International Energy Agency (IEA) has said.
The Middle East conflict, triggered by the US-Israeli bombing campaign on Iran in late February, has slashed Gulf oil production and exports, prompting the largest-ever emergency stock release by IEA member countries.
While exports have gradually resumed, production and inventories remain…
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