Global oil de­mand to fall more steeply than ex­pected

The Daily Telegraph - Business - - Business - By Ed Clowes

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.

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