Global oil demand to fall more steeply than expected
GLOBAL oil demand is expected to fall even more steeply than predicted, according to the International Energy Agency, as the pandemic continues to wreak havoc on air travel.
The energy watchdog yesterday slashed its outlook for this year by 140,000 barrels a day to 91.9m barrels per day. It also cut its forecast for next year by 240,000 bpd, to 97.1m.
The IEA’s move yesterday came after it emerged hot weather has forced the National Grid to call on a coal-fired power station for the first time in 55 days as renewable sources struggle to keep up with demand. The Grid said it had asked Ratcliffe-on-Soar power station in Nottinghamshire to begin generating electricity as demand for power started to grow this week.
Britain has had its longest stretch without any coal power in use since the Industrial Revolution this year, clocking in at 67 days. The run ended in June. This latest run without coal was ended after wind turbines came to a near-standstill as the heatwave saw wind levels drop precipitously low.