IEA: Global oil consumption will only return to pre-crisis levels in 2023

Anil Panchal FXStreet

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.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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