International Energy Agency: Global Oil Demand Recovering Despite War Fears
The International Energy Agency has reported that global oil demand is starting to recover, with supplies gradually increasing through the Strait of Hormuz and crude oil prices declining. It indicated that consumption will continue to rise from its lowest point in May, while global supply surged sharply to approximately 98.8 million barrels per day in June, despite production still being about 9.4 million barrels per day below pre-war levels. The agency forecasted that oil supply increases will persist if tensions ease, accompanied by improved transit operations through the strait, although concerns are rising over the possibility of renewed fighting between the United States and Iran.
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