Crude oil prices fell 1.81% to ₹6,171 per barrel as tensions between Israel and Iran eased. This worried investors, leading them to reduce their safe-haven investments. Due to this, some opted to take profits after the recent price fluctuations.
It was 990,000 in the first quarter. The IEA attributed this to slower economic growth and the increase in the use of electric vehicles (EVs) that reduce crude consumption.
However, the IEA slightly increased its overall 2025 demand forecast to 740,000 barrels per day, expecting a strong economy and lower crude consumption. At the same time, OPEC kept its demand forecasts for 2025 and 2026, but reduced its estimate for crude supply from non-OPEC countries in 2026. This means that the global crude market is expected to tighten in the future.
