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Crude oil recorded steepest annual fall since Covid pandemic in 2025
02-Jan-2026 17:16
Crude oil prices have recorded their steepest annual fall since the Covid pandemic and could be on track to plummet further as oil producers continue to pump more crude than needed. Oil tanked by almost 20% in 2025, marking the biggest annual loss since 2020 and marked the first time that the oil market has recorded three consecutive years of annual losses. Crude fell below $60 a barrel for the first time in almost five years last month as political leaders began to move towards a Russia-Ukraine peace deal which could increase the glut in the global market if western sanctions are lifted on Russian exports.

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