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International Business Times
International Business Times
Business

Oil Prices Keep Climbing As a Result Of Global Conflicts. The IEA Expects Demand To Drop More.

IEA Oil International Energy Agency Iran
The International Energy Agency expects global oil demand to decline by 2.5 million barrels per day this year. (Credit: Getty Images)

The International Energy Agency (IEA) expects for global oil demand to keep declining as global conflicts continue straining the global energy industry.

The agency said in its latest report that global demand will decline by 2.5 million barrels per day this year, 940,000 more than what it expected last month.

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