Kumar, Devika Krishna. “EIA Cuts Global Oil Demand Forecast after Coronavirus Outbreak.” Reuters, Thomson Reuters, 11 Feb. 2020, www.reuters.com/article/us-usa-oil-outlook/eia-cuts-global-oil-demand-forecast-after-coronavirus-outbreak-idUSKBN2052B7.
The EIA, or the U.S. Energy Information Administration, reported that the global oil demand was cut by 310,000 barrels per day (bpd). This is because the coronavirus outbreak has stunted consumption in China, which is the world’s 2nd greatest economy. Oil prices have hit the lowest they’ve been in over a year. The EIA also stated that “The cut in global demand growth also reflects warmer-than-normal January temperatures across much of the northern hemisphere.” The rest of the article summarizes future expectations for global oil demand growth.
This relates to environmental science because it details the rise and fall of the global oil demand. Our economy relies on oil, but decreases in the demand for oil are always a win for the environment. The article also mentions that “the cut in global demand growth also reflects warmer-than-normal January temperatures across much of the northern hemisphere,” which I don’t fully understand quite yet. How does a cut in oil demand correlate with higher temperatures?
Interesting times, to say the least. My best guess on the warmer temperatures is that less energy was needed for heating (not that petroleum is a major source of that). How strange that this global human crisis is benefiting the environment.
I appreciate your consistent work on this issue, and you contributing it to the APES community. I have to think you are a relative expert at this point.
Thank you! I also find it ironic that something so good is coming out of this terrible crisis.