The IEA has revised down its forecast for global oil demand by 0.6 million bpd for 1Q21 and 0.3 million bpd for 2021 as a whole.
The IEA has announced that it will produce a report entitled ‘The World’s Roadmap to Net Zero by 2050’, among other new projects, in the lead up to the COP26 Summit in November.
Permanent refining capacity closures expected for 2020 – 2021 have risen to about 1.7 million bpd, the IEA has said in its monthly report.
Global refining throughput will increase in the last quarter of the year by more than 2 million bpd, according to the International Energy Agency.
Amid deep disruption and uncertainty caused by the pandemic, the IEA believes that a surge in well-designed energy policies is needed to put the world on track for a resilient energy system that can meet climate goals.
IEA’s Sustainable Recovery Plan offers a three-year roadmap for energy industries that will ensure a greener post COVID-19 economic recovery.
IEA explores the effects of Covid-19 on the energy industry in a series of reports, ranging from the decline in fuel prices to hydropower generation in Africa.
During this period of low oil prices, governments should focus on investing in low-carbon energy, the OECD and IEA state.