The impact of the coronavirus pandemic has been felt across all shores and in just about every industry. The energy market is no different, and was particularly impacted early on in the pandemic.
The economic contraction that followed various national and international lockdowns saw growth in the industry grind to a halt. One study estimated a decline in global energy demand by about 5% by the end of 2020. Similarly, demand for oil was predicted to shrink by 9% and gas by 4%.
However, it’s not all bad news. Despite sharp declines in electricity demand in places such as Europe and India, there are signs of recovery as the pandemic rumbles on. In India, for example, electricity demand in September 2020 was 3.4% above the previous year.