PARIS: Global oil demand will fall by a record amount this year as lockdown measures imposed to curb the coronavirus outbreak bring the economy to a virtual halt, the International Energy Agency said Wednesday.
The International Monetary Fund warned Tuesday that the coronavirus pandemic is pushing the world into its deepest recession in a century, with economic output expected to shrink 3%. “We are also seeing measures being taken to tackle the oil market crisis,” the IEA noted, referring to an OPEC deal with its OPEC+ allies at the weekend to cut production by an initial 9.7 mbd.
For April, the IEA expects a fall in demand of up to 29 mbd year-on-year, followed by 26 mbd in May and 15 mbd in June.The IEA warned that “there is no feasible agreement that could cut supply by enough to offset such near-term demand losses.
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