Coronaries called the beginning of the end of the oil era

Коронакризис назвали началом конца нефтяной эры

Photo: AP

The demand for oil will not recover, experts say

The share of oil in the global energy sector fell last year to 33%, and coronaries and electric cars to continue falling, experts say.

Pandemic coronavirus could be the beginning of the end of the oil era, experts say, опрошенныеReuters.

It is noted that due to coronaries oil consumption fell by almost a third.

The increase in the number of electric vehicles and the transition to renewable energy sources have been forced to revise long-term forecasts on the demand downwards.

“All the key players of the market admit that the consumption will never recover completely,” said a source close kopek.

According to forecasts, the consumption will reach a maximum and then will decrease in the coming years. In 2019, the world has consumed to 99.7 million barrels a day. OPEC predicted the growth to 101 million barrels in 2020, but because of the crisis, this figure fell to 91 million barrels. Forecast for 2030 declined from 118 to 108,3 million barrels per day.

The share of oil in the global energy sector in recent decades has steadily declined, from 40% in 1994 to 33% in 2019. Commodity prices are still substantially below the level required by the majority of governments of oil-producing countries to balance their budget.

We will remind, since August, OPEC+ will gradually increase oil production, which was restricted because of the crisis in the beginning of the year.