The International Energy Agency on Tuesday cut its 2021 global oil demand forecast, citing soaring Covid-19 cases and renewed lockdown measures that will further limit mobility.

The IEA said it now expects world oil demand to recover by 5.5 million barrels per day to 96.6 million this year. That reflects a downward revision of 0.3 million barrels from last month’s assessment and follows an unprecedented collapse of 8.8 million barrels per day last year as the coronavirus pandemic battered global oil markets.

IEA on Tuesday Cut It’s 2021 Global Oil Demand Forecast | Devamı>>>

Renewable energy, led by solar power, could make up 80% of the growth in electricity generation over the next decade, according to a report published Tuesday.

The International Energy Agency said it is now consistently cheaper to generate electricity by capturing the sun’s energy than by burning coal or natural gas in most countries.

Solar photovoltaic cells are now one of the cheapest sources of electricity in history thanks to maturing technologies and policies that have reduced the cost of investments, the Paris-based agency said.

Solar Power Could be ‘The New King’ as Global Electricity Demand Grows | Devamı>>>

The International Energy Agency has laid out a $3 trillion green recovery plan, offering governments around the world a “once-in-a-lifetime” roadmap to sustainably rebuild their economies in the wake of the coronavirus pandemic.

The Sustainable Recovery report, published Thursday, is designed to present world leaders with cost-effective measures that could be implemented from 2021 through to 2023.

It sets out three main goals: spurring economic growth, creating jobs and building more resilient and cleaner energy systems.

IEA Outlines $3 Trillion Green Recovery Plan! | Devamı>>>

The International Energy Agency plans to revise down its oil-demand forecasts next week because of the spreading coronavirus. “I am going to announce it Monday morning in Paris,” IEA chief Fatih Birol told a Congressional hearing in Washington on Thursday. “The impacts are already severe mainly because the transport sector is heavily affected.”

Last month, the Paris-based adviser to industrialized nations warned that the virus could curb annual growth in oil consumption to the lowest since 2011, but still called for 800,000 barrels a day of growth.

IEA Plans to Revise Down Oil Demand Forecasts Due to Virus | Devamı>>>