The Global Power Company said it expects global oil demand to drop for the first time since 2009, citing the impacts of the coronavirus on the economic climate.
The agency said demand fell globally by approximately 2.five% in the first quarter of 2020 and it was expected to shrink by ninety,000 barrels for each day for all of 2020.
The present assumption is that demand will return to “close to normal” in the second 50 % of 2020
“The coronavirus crisis is impacting a vast range of power marketplaces, which include coal, gas, and renewables, but its affect on oil marketplaces is significantly critical mainly because it is stopping people today and products from going about, working a large blow to demand for transportation fuels,” IEA executive director Fatih Birol said.
“This is in particular accurate in China, the most significant power client in the entire world, which accounted for