A view shows a well head and a drilling rig in the Yarakta Oil Field, owned by Irkutsk Oil Company , in Irkutsk Region, Russia March 11, 2019. — Reuters pic
The International Energy Agency forecast that average daily oil demand will drop by eight million barrels per day this year, a decline of around 8 per cent from last year. But in recent months, the concept of peak demand has come into vogue, with the coronavirus landing an uppercut into fuel demand for the transportation sector followed by a knock-out punch from the transition to cleaner fuels.
“Many people have said, including some CEOs of some major companies, with the lifestyle changes now to teleworking and others we may well see oil demand has peaked, and oil demand will go down,” IEA executive director Fatih Birol said recently. “It will take time for fossil fuels, which today still account for some 80 per cent of primary global consumption to face real competition” from rival energy sources, he said.Bronwen Tucker, an analyst at Oil Change International, says the industry is now under pressure from investors.
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