According to the International Energy Agency, global oil demand is expected to decline in 2020 as the impact of the new coronavirus (COVID-19) spreads around the world, constricting travel and economic activity.
In the IEA’s central base case, demand this year drops for the first time since 2009 because of the deep decline in oil consumption in China, and major disruptions to global travel and trade.
Demand growth for gasoline and diesel between 2019 and 2025 is forecast to weaken as countries around the world implement policies to improve efficiency and cut carbon dioxide emissions – and as electric vehicles increase in popularity. The impact of energy transitions on oil supply remains unclear.
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