By Alex Mills
September 17, 2020 — Since the coronavirus pandemic disrupted worldwide economic activity this year, global energy markets have been in a “delicate re-balancing” situation.
Two reports issued this week indicate further declines in energy demand as the pandemic continues.
“The uncertainty created by Covid-19 shows little sign of abating,” the International Energy Agency (IEA) stated in its monthly report issued on Sept. 14.
“With the on-coming northern hemisphere winter, we will enter unchartered territory regarding the virulence of Covid-19. In last month’s report, we said that the market was in a state of ‘delicate rebalancing.’ One month later, the outlook appears even more fragile,” IEA said.
IEA, organized in 1974 following the first Arab oil embargo, consists of 30 countries, including the U.S., and serves as the main international forum for energy co-operation on a variety of issues including information transparency, research and development, and international energy relations…..