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WorldPosted at: Jan 7 2021 7:12PM


Global energy market slowly recovers after suffering major COVID-19 crisis, OPEC+ disputes

Moscow, Jan 7 (Sputnik) The global energy market has suffered one of the most severe crises in 2020 due to the demand downfall induced by COVID-19 and disagreements between the members of the OPEC+ oil producers’ alliance, which is expected to prove fragile in 2021 as well.
Since the beginning of 2020, the oil prices have been under pressure due to the outbreak of the coronavirus pandemic, which significantly reduced air traffic worldwide, shut production and switched employees to working from home, driving demand for jet fuel and gasoline downward. The global oil demand is expected to contract by almost 9.8 million barrels a day (mbd) in 2020, according to the latest OPEC estimates, while the International Energy Agency (IEA) forecast a downfall of 8.8 mbd this year.
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Tags: #Global energy market slowly recovers after suffering major COVID-19 crisis# OPEC+ disputes
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