Global oil demand set for big fall in 2020
NEW DELHI: The order of Union Ministry of Home Affairs relaxing lockdown restrictions on select industries from April 20 is likely to prop up the plunging domestic fuel demand. But the impact of the pandemic is set to see global oil consumption record its largest ever fall this year.
According to the International Energy Agency (IEA), global oil demand is expected to decline by a record 9.3 million barrels per day (mbpd) year-on-year in 2020.“The impact of containment measures in 187 countries and territories has been to bring mobility almost to a halt,” the agency said.
