• Home
  • IMPORTANT
  • WORLD
  • AMERICA
  • RUSSIA
  • Middle East
  • Economy
  • Sports
  • Incidents
  • Progress
World News – Russian opinion
World news from Russia in english
You are here : World News – Russian opinion» Economy» World oil demand to face 1st quarterly drop in additional than a decade – IEA

World oil demand to face 1st quarterly drop in additional than a decade – IEA

Posted By Russian Opinion. Under Economy  Tags: decade, demand, Drop, face, Global, More, quarterly, Than  

The Worldwide Vitality Company (IEA) has lower its 2020 progress forecast, saying that international power demand goes to fall to the bottom stage since 2011, having been hit onerous by the coronavirus outbreak.

The aftermath of the epidemic is about to drive down oil demand by 435,000 barrels a day within the first three months of 2020, in comparison with the identical interval one 12 months in the past. This may mark the primary quarterly contraction in additional than a decade and can have an effect on annual outcomes, the IEA mentioned in its oil market report, launched on Thursday.

“Now we have lower our 2020 progress forecast by 365 kb/d to 825 kb/d, the bottom since 2011. Decrease-than-expected consumption within the OECD trimmed 2019 progress to 885 kb/d,” the report mentioned.

Additionally on rt.com

FILE PHOTO © Sputnik / Vladimir Trefilov
Cope with OPEC helps Russia double its Nationwide Wealth Fund

The gloomy outlook comes as China, which accounted for greater than three quarters of worldwide oil demand progress final 12 months, is struggling to include the coronavirus outbreak, generally known as Covid-19. On Thursday, the Chinese language authorities introduced that the virus has already killed greater than 1,300 individuals, whereas the variety of instances has reached practically 60,000.

The epidemic may shake crude costs much more than threats to safety of provide, similar to tensions in Iraq and a fall in Libyan oil manufacturing, the IEA notes. Costs have been plummeting because the starting of the 12 months, with the Brent and WTI benchmarks buying and selling at $ 55.15 per barrel and $ 50.77 per barrel, respectively.

Additionally on rt.com

FILE PHOTO: Icebreakers "Andrey Vilkitsky" and "Alexander Sannikov" © Global look Press / MIT Russia
The race for Arctic oil is heating up

“The impact of the Covid-19 disaster on the broader economic system signifies that it will likely be troublesome for shoppers to really feel the advantage of decrease oil costs,” the report concludes.

On Tuesday, the Group of the Petroleum Exporting International locations (OPEC) slashed its forecast for international oil demand by 230,000 barrels per day. Some OPEC members have already known as for an emergency assembly to think about new output cuts to be able to stop the market from tanking additional.

For extra tales on economic system & finance go to RT’s enterprise part

    5 recent posts for today:

  • Engineers mix mild and sound to see underwater
  • Bitcoin worth breaks all-time report, nearing $20,000 as cryptocurrency bounces again from March droop
  • Official who awarded controversial Chelsea penalty will likely be first feminine in control of a Champions League recreation – and referee Ronaldo
  • Schumer requires Senate to start out affirmation hearings for Biden's Cupboard picks even BEFORE inauguration
  • Sean Hannity tells Sidney Powell Trump ought to pardon himself and his complete household when he leaves the White Home to avoid wasting himself from the 'witch hunt'

    5 random posts:

  • OFFICIAL: Tony Ferguson indicators to face Khabib in UFC light-weight title combat in April
  • A microscopic topographic map of mobile perform
  • Eight people were injured in a gas explosion in the Kuban
  • Pensioner teen tied up aan’n pole on the roof of the garage in Kolomna
  • All of the Kremlin’s males: Farage, Moscow and 6 levels of Kevin Bacon
  • Recent Comments
    Mack TaylorMack Taylor Says:
    There's a good possibility that the Patom Crater i...
    john williamjohn william Says:
    Always alertness is important....
    sasa Says:
    very very baeutifolllllllllllll...
    bjbj Says:
    It wasnt American Airlines. It was US Air....
    Russian OpinionRussian Opinion Says:
    Obama will now do his best to beat Romney in any d...
  • Related Posts

    Biden’s identitarian-based administration appears to be like like it should be so various that it is not really various in any respect

    Joe Biden's transition staff thought it was hailing one more ...

    The British authorities calling for a ‘well being warning’ on Netflix’s ‘The Crown’ to guard the royal household’s picture is pathetic

    Streaming big Netflix’s smash hit ‘The Crown’ has stoked controversy ...

    China’s picture of an Aussie soldier slitting a toddler’s throat was BRUTAL, however why shouldn’t Beijing spotlight Western warfare crimes?

    Australia has reacted with fury to a tweet from a ...

    Technique of pressure: The place NATO-enabled fascist terror armies meet UK undercover police entrapment

    For many years, UK undercover cops pushed activists to commit ...

    Twisted, agenda-driven trans trolls are hell-bent on shutting down debate – even when it means attacking fellow minorities

    The long-running homosexual journal Boyz has endured a blistering assault ...

  • Hot Topics
    The air pollution in almaty has decreased considerably say city authorities
    1 comments received
    White House: Obama and Putin is a very good dialogue
    1 comments received
    American Airlines plane made an emergency landing
    1 comments received
    The essentials of albania
    1 comments received
    The kids murderers four month hold in awe the whole akademgorodok
    1 comments received
    • AMERICA
    • IMPORTANT
    • WORLD
    • RUSSIA
    • Economy
    • Middle East
    • Sports
    • Breaking News
    • Business
    • Incidents
    • Culture/Society
    • Progress
    • Ukraine
  • Tags
    About after Against America arrested attack China coronavirus could Covid19 during Fire first from into Iran killed Media Million More Moscow over people police president Putin Report: Russia Russian says State States Syria Than this Trade Trump U.S. Ukraine United Video were World Years ‘Trump
Politics & War     Download music for free     Copyright All Rights Reserved.