Oil prices record steepest annual fall since Covid pandemic

After biggest loss for producers since 2020 the slide could continue, with global output expected to remain high

Oil markets 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 by the global economy.

Oil prices slumped by almost 20% in 2025, marking the biggest annual loss since 2020 and the first time that the oil market has recorded three consecutive years of annual losses.