The International Energy Agency said Wednesday it expects the coronavirus crisis to erase almost a decade of oil demand growth in 2020.
A public health crisis has prompted governments to impose draconian measures on the lives of billions of people.
"Even assuming that travel restrictions are eased in the second half of the year, we expect that global oil demand in 2020 will fall by 9.3 million barrels a day versus 2019, erasing almost a decade of growth," the IEA said. A public health crisis has prompted governments to impose draconian measures on the lives of billions of people. It has created an unprecedented demand shock in energy markets, with mobility brought close to a standstill.
"Even assuming that travel restrictions are eased in the second half of the year, we expect that global oil demand in 2020 will fall by 9.3 million barrels a day versus 2019, erasing almost a decade of growth."
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