Oil market rebounds but uncertainty looms
Mumbai: World oil markets have rebounded from the massive demand shock triggered by Covid-19, but still face a high degree of uncertainty that is testing the industry like never before, according to a new report from the International Energy Agency (IEA).
“The Covid-19 crisis caused a historic decline in global oil demand – but not necessarily a lasting one. Achieving an orderly transition away from oil is essential to meet climate goals, but it will require major policy changes from governments as well as accelerated behavioral changes. Without that, global oil demand is set to increase every year between now and 2026,” said Fatih Birol, IEA’s executive director.
“For the world’s oil demand to peak anytime soon, significant action is needed immediately to improve fuel efficiency standards, boost electric vehicle sales and curb oil use in the power sector,” he added.
