Lockdowns to slash energy demand, emissions: IEA

Lockdowns to slash energy demand, emissions: IEA

Industrial nations have been urged to seize on economic disruptions to build greener energy infrastructure.. LONDON: Economic lockdowns brought on by the coronavirus pandemic look set to cut global energy demand and carbon dioxide emissions by record amounts, the International Energy Agency (IEA) said on Thursday.. The share of renewables in global electricity supply neared 28 percent in Q1 2020, up from 26 percent in Q1 2019 and is expected to reach 30 percent by the end of the year.. Oil demand fell by 5 percent over the first quarter but could ultimately be the worst hit fuel over 2020, with total demand down as much as 9 percent.. "At the current pace in the oil market, we may well see around mid-June the global storage capacity can be full," Birol said, noting the problem was worst in North America.. Oil sellers 'adding zero price clause to contracts' /node/1667661/business-economy. The sources are involved in a range of crude grades from Asia's regional low-sulfur crude, to ultra-light condensate, to Russian and Middle East high-sulfur crude.. Most Asian buyers have shown high acceptance of the newly added clause that protect sellers' interests, they added.. Sellers of Middle East crude, except the