The predicted reduction in the cost of oil for the trillion dollars

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www.vsyako.netPhoto: DADO RUVIC / Reuters

Consumer spending on oil in 2020 will be reduced by a trillion dollars because of the restrictive measures in connection with the coronavirus. It is reported TASS citing a report by the International energy Agency (IEA).

Total costs will fall by almost 30 per cent, to $ 2.5 trillion, at the same time, revenues in the electricity sector will fall by 180 billion, due to rising defaults.

Introduction of quarantine measures to combat the epidemic affected the volume of investment. Investments in the energy sector decreased by 20 percent or $ 400 billion compared to last year. Most investments will lose the oil and gas sector, 250 billion.

Earlier experts predicted a two percent growth of investments in the energy sector this year, which would be a record figure since the Global economic crisis 2014.

Previously the chief economist at Citi in Russia, Ukraine and Kazakhstan, Ivan Tchakarov said that the cost of a barrel of benchmark Brent crude could rise to $ 56 by the end of this year.

Video, photo All from Russia.

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