Crude prices under pressure from economic strain
The lack of economic growth will limit oil demand growth, says IEA
Oil futures traded in a narrow range in May and fell in early June because of an “anaemic economic outlook”, the International Energy Agency (IEA) said. On 1 July, Brent crude was trading just under $103/b, while WTI was around $97/b. The IEA said it expects global oil demand to grow by “a somewhat muted” 785,000 b/d this year, reaching 90.6 million b/d. This is 75,000 b/d lower than the agency’s previous forecast, mainly because of lower Russian consumption, the IEA said. Lacklustre economic growth will continue to limit oil demand growth, with declines still expected in many OECD countries, according to the IEA. In early June, the International Monetary Fund cut its economic growth foreca
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
