IEA: Q2 Crude Oil Demand May See Largest Drop Since Pandemic
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The International Energy Agency (IEA) announced that global crude oil demand in the second quarter could experience its largest decline since the COVID-19 pandemic in 2020. This is attributed to soaring oil prices due to Middle East conflicts and potential Strait of Hormuz blockades. Meanwhile, Russia's oil export revenues doubled to $19 billion in March.
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