Oil is crucial to the global economic framework, affecting everything from transportation to heating, electricity to industrial production and manufacturing.
In terms of the value of the US dollar, the oil and gas industry is one of the largest industries in the world, with estimated global revenue of $5.3 trillion as of 2024.
The International Energy Agency stated that with the cooling of the Chinese economy, global oil demand growth has "sharply slowed down" and oil prices have fallen to a three-year low.
Advisors from major economies stated in a monthly report that world consumption increased by 800000 barrels per day in the first half of this year, which is only one-third of the growth in the same period of 2023.
This is the lowest level since the sharp decline in oil demand during the 2020 pandemic.
The executive director of the organization, Fatih Birol, said in an interview in Paris, "China's economic growth is slowing down, and the penetration rate of electric vehicles into the transportation system is very fast.
On Wednesday, London oil prices fell below $70 per barrel for the first time since the end of 2021, due to concerns over data from the world's two largest oil consuming countries, China and the United States.
The significant interruption of Libyan production and the long-term supply constraints of the OPEC+alliance have had little effect in preventing a decline.
