Innovative Energy Consultancy Ltd
Innovative Energy Consultancy Ltd

Global Oil Continues to Decline

As COVID-19 continues to restrict global travel and economic activity, the demand for oil worldwide is on a steady decline.

According to the International Energy Agency’s latest oil market forecast demand for oil in 2020 has dropped by around 90,000 barrels since 2019, its first decline since 2009. This comes during a time where the world’s capacity for oil production is predicted to rise by 5.9 million barrels per day.

The situation remains uncertain and forecasts are yet to determine whether the global demand for oil in 2020 will continue to fall or will begin to pick up if the Coronavirus is contained over the coming months.

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