mo4ch:>Global energy’s historic plunge equivalent to losing entire energy demand of India | Mo4ch News
The Covid-19 pandemic is the biggest shock to global energy in more than seven decades, according to the International Energy Agency (IEA). The fall in demand in 2020 is set to dwarf the impact of the 2008 crisis, it said.In its new report, the IEA predicts that demand will fall by six percent. “In absolute terms, the decline is unprecedented – the equivalent of losing the entire energy demand of India, the world’s third-largest energy consumer,” it said.Advanced economies are expected to see the biggest declines, with demand forecast to fall by nine percent in the United States and by 11 percent in the European Union. According to IEA, the impact of the crisis on energy demand is heavily dependent on the duration and stringency of measures to curb the spread of the virus. It found that each month of worldwide lockdown at the levels seen in early April reduces annual global energy demand by about 1.5 percent.“This is a historic shock to the entire energy world. Amid today’s unparallel…