IEA sees record 2020 oil demand fall due to coronavirus


The global oil demand will fall by a record amount this year as lockdown measures introduced to curb the coronavirus outbreak bring the economy to a virtual halt, the International Energy Agency (IEA) said Wednesday.

For 2020 overall, demand will fall by 9.3 million barrels per day (mbd), with April alone down 29 mbd from a year earlier to levels last seen in 1995, the IEA said in its latest monthly report.

However, measures taken to bolster the global economy and to reduce oil CL.1, -2.28% BRN00, -3.51% supply should allow a “gradual” recovery in the second half of the year, it said.

Read Next

Read full story

Trump is odd man out as approval ratings soar for world leaders’ handling of the coronavirus pandemic