Demand for crude oil will likely see the biggest slump in the second quarter since the Covid pandemic slammed the global economy in 2020, the International Energy Agency (IEA) warned Tuesday.
Surging prices caused by the war in the Middle East will force many countries and industries to curb oil use, and "demand destruction will spread as scarcity and higher prices persist", the agency said in its monthly report.
April could shape up to be a tougher month than March for energy markets and the economy due to the Middle East war, the head of the International Energy Agency said Monday.
While March saw the delivery of cargo from the region "loaded well before the crisis started," Fatih Birol said, "during April, nothing has been loaded."
"The longer the disruption is, the more severe the problem becomes," he told reporters after a meeting at the International Monetary Fund.
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