Covid Crisis to Leave Scars for Years to Come, but Natural Gas to Bounce Back, Says IEA

As a result of the coronavirus pandemic and its economic impacts, energy demand is set to drop by 5% in 2020, with oil and gas investments falling by an estimated 18%, according to the International Energy Agency (IEA).

The global energy watchdog on Tuesday issued its flagship World Energy Outlook 2020 (WEO-2020), with the pandemic overtaking all energy demand scenarios over the coming 10 years. 

“The Covid-19 crisis has caused more disruption than any other event in recent history, leaving scars that will last for years to come,” researchers said. “But whether this upheaval ultimately helps or hinders efforts to accelerate clean energy transitions and reach international energy and climate goals will depend on how governments respond to today’s challenges.”

Four...