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[size=36]The International Energy Agency: chaos will fall in the oil market despite the efforts of OPEC +[/size]
Economy | 12:04 - 01/05/2020
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Baghdad - Mawazine News
The International Energy Agency warned today, Thursday, that some oil fields will suffer from chaotic stops, despite the efforts of the "OPEC +" group aimed at reducing the impact of the emerging epidemic of the Corona virus on global markets.
According to "Bloomberg," the agency said the energy: "The closures caused unprecedented declines in demand whose speed and volume have largely exceeded the elasticity of supply in the market. Even with attempts to coordinate matters, it is possible that production will be disrupted in an unregulated manner. some places".
Oil prices have witnessed a historical decline. Brent crude remains world record near its lowest level since 2002, as it trades above $ 20 a barrel in London, while US futures fell briefly below zero last week.
The agency added that the global demand for oil will drop by 9 million barrels per day, or about 9% this year, to its lowest level since 2012, explaining that the closures that were implemented to slow the spread of the virus led to an unprecedented decline in transportation traffic.
The month of April witnessed the most severe damage, as fuel consumption decreased by almost a third to its lowest level since 1995. By the end of March, road transport activity decreased by about 50% around the world, while air travel in some European countries decreased by more Over 90%.
According to "Bloomberg," the agency said the energy: "The closures caused unprecedented declines in demand whose speed and volume have largely exceeded the elasticity of supply in the market. Even with attempts to coordinate matters, it is possible that production will be disrupted in an unregulated manner. some places".
Oil prices have witnessed a historical decline. Brent crude remains world record near its lowest level since 2002, as it trades above $ 20 a barrel in London, while US futures fell briefly below zero last week.
The agency added that the global demand for oil will drop by 9 million barrels per day, or about 9% this year, to its lowest level since 2012, explaining that the closures that were implemented to slow the spread of the virus led to an unprecedented decline in transportation traffic.
The month of April witnessed the most severe damage, as fuel consumption decreased by almost a third to its lowest level since 1995. By the end of March, road transport activity decreased by about 50% around the world, while air travel in some European countries decreased by more Over 90%.
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