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Fatih Birol: Oil market experiences a shock first time in 100 years

08.04.2020,16:02


April 8, Fineko/abc.az. The oil market is experiencing a shock for the first time in 100 years, stated Fatih Birol, the executive director of the International Energy Agency (IEA).

He noted that for the first time the demand for oil has fallen to an unprecedented level. And production is growing very fast. There is not used oil in large volumes, and this puts a lot of pressure on the price. Facing the threat of the collapse of the global oil industry is increasingly affecting an extremely worrying trend in the global economy.

Even if OPEC+ production decreases by 10 million bpd, this will not solve the problem. So the decline in the market will continue. A decrease of 10 million barrels will have a positive impact on the market in just a few days," Birol said.