Investment in global energy to drop by $400bn
Covid-19 pandemic forecast to cause biggest slump in history after collapse in demand
Investment in global energy will fall by $400bn (£324bn) this year, the biggest slump in the industry’s history, as the Covid-19 pandemic fuels a collapse in energy demand.
The International Energy Agency (IEA) said the unprecedented investment slump follows the most severe plunge in energy demand since the second world war. The price of oil suffered an historic market crash last month when US oil prices turned negative for the first time.
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