In a first since 2009, IEA estimates fall in global oil demand
NEW DELHI: In what can exacerbate the fall in energy prices, Paris-based International Energy Agency (IEA) on Monday revised lower global demand for the first time since 2009 in the backdrop of alarming spread of COVID-19, or the novel coronavirus.
The world’s premier energy monitor expects a 90,000 barrels a day decline in demand when compared with 2019, thereby reducing global oil consumption estimate to 99.9 million barrels a day in 2020.
“This is a sharp downgrade from the IEA’s forecast in February, which predicted global oil demand would grow by 825,000 barrels a day in 2020,” the Paris-based agency said in its forecast.
