Crude oil demand to see biggest quarterly plunge since Covid - IEA

Crude oil demand is expected to decline by 1.5 million barrels per day in the second quarter, the largest drop since the Covid-19 pandemic, according to the International Energy Agency (IEA). This decline is attributed to the war in the Middle East, which has led to rising prices and reduced oil use in many countries. In March, demand already contracted by 800,000 barrels per day and is projected to drop by 2.3 million barrels per day in April. The IEA also noted that Russia nearly doubled its oil export earnings in March, reaching $19 billion.