International Energy Agency sees largest fall of oil demand in history in 2020

Oil prices have plummeted around 40 percent year-to-date, as lockdown measures designed to curb the spread of the coronavirus created an unparalleled demand shock in energy markets, the International Energy Agency (IEA) said on Tuesday.

The IEA stated on Tuesday that it expects the drop in oil demand this year to be the largest in history, but believes there are signs the market could hit “a more stable footing” over the coming months.