IEA: Global oil consumption will only return to pre-crisis levels in 2023
|Reuters came out with the latest energy forecasts from the International Energy Agency (IEA) on early Tuesday. The Paris based institute anticipates the coronavirus (COVID-19) pandemic threatening the world energy demand’s recovery until its 2025, as per the annual World Energy Outlook report.
Key highlights
In its central scenario, a vaccine and therapeutics could mean the global economy rebounds in 2021 and energy demand recovers by 2023.
The Paris-based IEA sees global energy demand falling by 5% in 2020, CO2 emissions related to energy by 7% and energy investment by 18%.
Oil demand is set to fall by 8% and coal use by 7% while renewables will see a slight rise.
Market implications
Although the news fails to offer any notable market reaction, WTI remains pressured below $40.00, currently around $39.73, by the time of the press.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.