Oil declined as investors assessed the International Energy Agency’s reduced forecasts for global oil demand in part due to a slowdown in air travel.
International Energy Agency (IEA)
Libya’s National Oil Corp. (NOC) has lifted force majeure on oil exports from the North African state, but has warned production will be low.
The worst of the reduction in oil demand came in the second quarter, the International Energy Agency (IEA) has said, and will be down by 5.1 million barrels per day in the second half of the year.
The African Energy Chamber has launched a jobs portal in order to help the continent’s energy market bounce back.
Plummeting carbon emissions and big government spending—two of the defining narratives of 2020 so far—could create an unprecedented opportunity for the world to meet the goals enshrined in the 2015 Paris climate change agreement, according to the International Energy Agency.
Global oil demand will rebound next year as the world emerges from the coronavirus pandemic, but recovering to pre-crisis levels may take a couple of years, the International Energy Agency said.
At a point when the world’s economic system is creaking and the oil market is suffering from its own supplementary crisis, it can be hard to imagine what may come next.
Last year saw the biggest falls in global electricity generation from coal and power sector carbon emissions since at least 1990, analysis suggests.
Rapid and widespread changes are needed across the world's energy systems to tackle climate change and ensure sustainable development, experts have said.