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.
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