COVID-19 outbreak will erase decade of growth, set up ‘worst year in the history’ of oil sector; IEA

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PARIS: The coronavirus outbreak will slash global oil demand in 2020 to erase a decade of growth and set up “the worst year in the history” of the sector, the International Energy Agency (IEA) said Wednesday. Demand is projected to plummet by a record 9.3 million barrels per day (mbd) for the year as a whole, with 29 mbd in the month of April, and 26 mbd in May ? “staggering numbers”, according to the agency’s executive director Fatih Birol.

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