In stunning reversal, IEA now sees oil demand falling this year

“The coronavirus crisis is affecting a wide range of energy markets – including coal, gas and renewables – but its impact on oil markets is particularly severe because it is stopping people and goods from moving around, dealing a heavy blow to demand for transport fuels,” said Fatih Birol, the IEA’s executive director, in a statement.

China’s economy has nearly grounded to a halt, which is having a big impact since it accounted for more than 80% of global oil demand growth last year.

Oil prices CL.1, -23.66%BRN00, -22.88% plunged on Monday in response to Saudi Arabia starting a price war.

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