Oil Demand Suffering Long Lasting Blow

Oil Demand Suffering Long Lasting Blow

Coronavirus has an enduring impact on the oil market as result it will suffer a long-lasting blow, with demand taking years to recover and peaking at a lower level, the International Energy Agency said.

According to the Paris-based agency statement: In this year 2020, an exceptional 8% drop has been observed in the consumption of oil, global oil utilization will go back to pre-crisis levels in 2023 if Covid-19 is keeping under control in 2021.

International Energy Agency reinforced its view that global oil demand will rise around 2030, topping out at lower levels than forecast last year.

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Fatih Birol, Executive Director of International Energy Agency said “The era of global oil demand growth will come to an end in the next decade”