Energy: the IEA anticipates a historic drop in global demand in 2020

In its annual report released on April 30, the International Energy Agency (IEA) predicts that the Covid-19 pandemic will result in a historic 6% drop in global energy demand in 2020; six times more than the previous decline following the global financial crisis of 2009. Oil is expected to suffer the largest contraction, with the IEA estimating that the decline in car traffic and air transport will lead to a 9% drop in demand for oil. This is bad news for African oil-exporting states, whose public finances are already under strain. Demand for natural gas is expected to fall by 5% in 2020. The only notable exception is the demand for « green » electricity (solar, wind, hydraulic, etc.), which is expected to increase slightly (+1%).