Oil prices are predicted to fall for much of the decade because of the Covid-19 crisis, with the peak in oil demand now not expected until 2030, according to a new report by Capital Economics.
With countries implementing lockdown measures to bring the coronavirus pandemic under control earlier this year, global demand for fuel dropped dramatically. The price of oil subsequently collapsed, with producers forced to pay suppliers as a result of stockpiles overwhelming storage facilities. Caroline Bain, chief commodities economist at Capital Economics, said that as the move towards more homeworking and less international business travel becomes entrenched, this will have further negative implications for fuel demand. "We think that the measures to contain the virus will acc...
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