3/26, 5:44 PM (Source: TeleTrader)
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IEA head warns oil demand is in 'freefall'

Global oil demand is "in freefall," International Energy Agency Executive Director Fatih Birol stated on Thursday.

He added that demand worldwide could fall by as much as 20 million barrels per day amid the coronavirus as 3 billion people in the world are staying home. However, Birol stressed that he still expects Saudi Arabia to "play a constructive role" in the response to current oil prices "based on its past record." Earlier, IEA warned that 2020 will see the first decline in oil demand since 2009.

Oil plummeted to record lows this month as the COVID-19 pandemic caused lower demand and Riyadh and Moscow failed to agree on extending OPEC+ output cuts.

Breaking the News / VP