IEA says global energy investment is to plunge by 20% in 2020

In money terms, that is equivalent to roughly $400 billion. Prior to the crisis, IEA had estimated global energy investment to grow by 2% this year. The agency also notes that governments and the overall industry is set to lose well over $1 trillion in revenue as a result.

Weekly oil inventories due at the bottom of the hour

This is the private survey of inventories, official data is Wednesday morning (US time).

IEA with their latest report on the oil market

• Demand is seen a little stronger-than-expected
• Demand forecast pushed up by 700k bpd
• But still remains on track for a plunge of 8.6 mil bpd (roughly 9%)
• Oil production is on track for a ‘historic decline’ this month – lowest level in 9 years
• This owes to OPEC+ and other international producers slashing output
• Oil market is still in a very difficult position

“.. but major uncertainties remain. It is unclear whether governments can resume economic activity without causing renewed outbreaks of the pandemic, and how far the OPEC+ alliance will implement the promised supply curbs.”

Weekly petroleum inventory data from the EIA: