Report

rss

Iraq News

Kurdistan

Economy

World

All News

IEA: oil producers may struggle again amid second wave of Covid-19

Category: Economy

Date: 2020-10-14T11:03:17+0000
IEA: oil producers may struggle again amid second wave of Covid-19

Shafaq News/ Global oil stocks which rose during the height of the pandemic are being steadily reduced, the International Energy Agency (IEA) said on Wednesday, but a second wave is slowing demand and will complicate efforts by producers to balance the market.

The agency expects that global energy demand will decline 5% in 2020 and increase the in 2023, after recovering from the infection or finding a vaccine.

The IEA kept its crude oil demand forecast for 2020 and 2021 largely unchanged at 91.7 million barrels per day and 97.2 million barrels per day respectively.

OPEC+ producers - OPEC members and others including Russia - plan to boost supply by 2 million barrels per day (bpd) from January and the IEA predicts a ceasefire in Libya will raise output there to 700,000 bpd in December from 300,000 bpd currently.


related

Oil pulls back from 8-week high as COVID-19 cases surge in India

Date: 2021-05-13 06:16:50
Oil pulls back from 8-week high as COVID-19 cases surge in India

Crude price worsens on Covid-19 concerns

Date: 2020-09-22 06:09:03
Crude price worsens on Covid-19 concerns

Billionaire Wealth in US Surges Past $1 Trillion since Beginning of Pandemic

Date: 2020-12-01 19:59:28
Billionaire Wealth in US Surges Past $1 Trillion since Beginning of Pandemic

Oil steadies after slumping on COVID-19 fears, OPEC+ deal

Date: 2021-07-20 06:18:09
Oil steadies after slumping on COVID-19 fears, OPEC+ deal

Oil gains amid coronavirus demand concerns

Date: 2020-09-25 07:03:13
Oil gains amid coronavirus demand concerns

Oil demand inches up fueled by COVID-19 vaccine hopes

Date: 2020-12-14 05:50:07
Oil demand inches up fueled by COVID-19 vaccine hopes

COVID-19 fears push dollar higher, riskier currencies fall

Date: 2021-07-21 09:43:55
COVID-19 fears push dollar higher, riskier currencies fall

Covid-19: More than 4500 new cases in Iraq today

Date: 2020-10-02 13:06:49
Covid-19: More than 4500 new cases in Iraq today