Global economic uncertainty persists as a combination of heightened geopolitical tensions and trade policy uncertainty is contributing to a slowdown in growth prospects for the world’s major economies. The IMF, in its July 2025 World Economic Outlook Update, projected an expansion in world output of 3.0 per cent in 2025, down from 3.3 per cent in 2024. The anticipated downshift in global demand is being reflected in the energy commodity markets. Crude oil prices (West Texas Intermediate) averaged US$64.08 per barrel (bbl) in August 2025 compared with US$75.55/bbl a year earlier. Natural gas prices (Japan Korea Market and National Balancing Point) have also come down from the levels recorded earlier in 2025.