IEA
-
News Headlines
IEA predicts record decline in energy demand in 2020
US, WASHINGTON (ORDO NEWS) — The International Energy Agency (IEA) predicts that energy demand will fall by 6% in 2020 amid the coronavirus pandemic. In absolute terms, this is the largest decline in the entire history of observations. In percentage terms, this is the sharpest decline in 70 years. The agency called the COVID-19 pandemic the biggest shock to energy markets since World War II. “In absolute terms, the decline…
-
News Headlines
IEA predicts recovery in oil prices at least in a year
US, WASHINGTON (ORDO NEWS) — World oil demand will recover to levels that were observed before the coronavirus pandemic and the fall of the energy market, only after a year or even later, the head of the International Energy Agency (IEA) said, Bloomberg reports. Crude oil demand of 100 million barrels per day before the pandemic plummeted by about 30% last month. The IEA, which predicts a decline in demand…
-
News Headlines
IEA: shock in the oil market will affect global supply chains
US, WASHINGTON (ORDO NEWS) — The crisis caused by the coronavirus pandemic will be felt in all global oil supply chains and spread to other parts of the energy sector, the International Energy Agency (IEA) said. About 5 million barrels of oil produced in the world every day do not attract high enough premiums to offset production costs, the agency said. Under these conditions, oil producers reduce production costs. The…
-
News Headlines
World oil demand could fall by 20% – IEA
US, WASHINGTON (ORDO NEWS) — Global oil demand could fall by 20% as 3 billion people are isolated because of the coronavirus, the head of the International Energy Agency (IEA) said on Thursday, calling on Saudi Arabia to help stabilize oil markets. “Today, 3 billion people in the world are locked. As a result, we can well see at some point this year a decline in demand, as some say,…
-
News Headlines
Oil stocks increased 1.6 million barrels last week: EIA
US, WASHINGTON (ORDO NEWS) — US crude stocks rose less than expected last week, the Energy Information Administration reported on Wednesday. Oil stocks rose 1.6 million barrels for the week ending March 20, the EIA said. This compared to expectations of a construction of about 2.8 million barrels, according to forecasts compiled by Investing.com. The gasoline inventories fell 1.5 million barrels, while forecasts expected a decline of about 660,000 barrels.…