IEA chief Birol says oil usage will be below pre-virus levels for at least a year

Comments by IEA chief, Fatih Birol

I think that is very much a given at this point, but the good news is that oil demand should get better over time as economies start to pick up eventually. That said, there will still be pressure on oil prices as inventories continue to build and as storage spaces run short.

In the bigger picture, the real setback is that if there will be a resurgence in coronavirus cases down the road. That may prompt lockdowns again and will likely cause a rethink of how major economies are going to establish a new normal moving forward.