LONDON (AP) — Developing countries’ difficulty in containing the spread of the coronavirus pandemic will keep a lid on global oil demand, particularly in India, the OPEC cartel said Monday as it cut its forecasts.
OPEC cut its estimates for world demand by 400,000 barrels a day for both this year and next. It now sees a drop in demand of 9.5 million barrels a day in 2020 and a rise of 6.6 million barrels in 2021.
“Risks remain elevated and skewed to the downside, particularly in relation to the development of COVID-19 infection cases and potential vaccines,” the cartel said in a monthly report on the industry.
Beside the trouble in some developing countries, which together with the United States have had a harder time than Europe or China in limiting the first wave of virus contagions, OPEC said it expected a slow pick-up in energy demand for transportation in rich countries. Airlines around the world are flying only a fraction of their normal amount of traffic, with a full recovery not expected for another couple of years.
The price of oil plunged during the initial phase of the pandemic as businesses and transportation ground to a halt around the world. The uncertainty surrounding the industry, coupled with concerns about climate change, has pushed some major oil companies to shift more aggressively towards renewable energy or natural gas.
BP says it expects demand for crude oil to peak in the early 2020s. If governments become more aggressive about reducing carbon emissions, demand might never recover from the current slump, its said in a report on the industry’s outlook.
Regulators authorized AstraZeneca’s coronavirus vaccine for use in adults throughout the European Union on Friday, amid criticism the bloc is not moving fast enough to vaccinate its population.
WASHINGTON (AP) — A former FBI lawyer was sentenced to probation for altering an email that the Justice Department relied on during its surveillance of an aide to President Donald Trump during the Russia investigation.
MADISON, Wis. (AP) — Democratic Gov. Tony Evers lashed out Friday at rival Republicans who tried to repeal his statewide mask mandate, saying killing the order would be a ridiculous move comparable to abolishing speed limits.
COLUMBIA, S.C. (AP) — As some conservatives in South Carolina celebrated getting a bill that would ban almost all abortions in the state past a legislative barrier and likely becoming law, they said they are not finished trying to end all abortions.
A Moscow court on Friday put the brother and several allies of Russian opposition leader Alexei Navalny under house arrest for two months as authorities sought to stymie more protests over the jailing of the top Kremlin foe.