unparalleled shock for energy markets

 coronavirus crisis has “cast a long shadow” over crude demand, the IEA said in its latest oil market report, as it lowered its forecasts for the first time in several months. Due to ongoing weakness in the aviation and travel sectors, the agency sees global crude demand for 2020 at 91.1M barrels per day, down 140K bpd from a previous projection and reflecting a fall of 8.1M bpd Y/Y.

The agency also revised down its 2021 global oil demand estimate by 240K barrels per day to 97.1M bpd. The report comes shortly after oil majors from BP (NYSE:BP) to Shell (RDS.ARDS.B) reported historic losses in Q2 as lockdown measures led to an unparalleled shock for energy markets.

Published by technofiend1

Kazan- Kazan National Research Technical University Казанский национальный исследовательский технический университет имени А. Н. Туполева he graduated in Economics in 1982

2 thoughts on “unparalleled shock for energy markets

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: