Executive Director of the International Energy Agency (IEA) Fatih Birol revealed on Thursday he expects the global oil storage to potentially fill up by mid-June, APA reports citing the TeleTrader.
The IEA forecast global energy demand will fall 6% this year as a result of the coronavirus pandemic, which would be the largest fall ever recorded.
"This is a historic shock to the entire energy world," Birol noted, adding the IEA sees the oil demand plunging as countries across the world remain under lockdown measures placed to mitigate the impact of the COVID-19 pandemic. "Amid today’s unparalleled health and economic crises, the plunge in demand for nearly all major fuels is staggering, especially for coal, oil and gas," he said.
Additionally, Birol called on the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) to consider implementing further production cuts in order to aid in market stabilization.