The IEA's Fatih Birol has reportedly said he believes 2020 may well come to be seen as the worst year in the history of global oil markets.
On April 20, benchmark U.S. crude prices tumbled into negative territory for the first time on record, falling as low as negative $40 a barrel at the height of coronavirus lockdown measures. It meant producers were effectively having to pay traders to take oil off their hands.
"Looking ahead to the rest of the year, U.S. Presidential elections, a year-end Brexit deadline and the evolving Covid pandemic should provide the ingredients for a similarly dramatic sequel," he added.
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