World Oil Demand Forecast to Suffer Biggest Drop Ever
LONDON (AP) — The International Energy Agency says world demand for oil will fall this year by the most ever due to the economic lockdowns enforced around the world to contain the coronavirus pandemic.
The agency says the estimated drop in demand of 9.3 million barrels a day this year is equivalent to a decade’s worth of growth.
The IEA advises nations on energy use.
It expects the slide in demand to be the most intense this month, calling it a “Black April” for the energy market.
The head of the IEA said that 2020 may turn out to be “the worst year in the history of global markets."