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International Energy: Global Oil Demand Recovers Despite War Fears
The International Energy Agency has reported that global oil demand is gradually recovering, despite tensions in the Middle East and the impact of the war on navigation through the Strait of Hormuz. In June, global oil supplies increased to 98.8 million barrels per day, while production remained approximately 9.4 million barrels per day below pre-war levels. Gulf exports rose to 16.1 million barrels per day. Oil supplies are expected to reach 105 million barrels per day if the escalation subsides and transit movements improve; however, risks remain if fighting between the United States and Iran resumes.
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