Too early to tell if coronavirus damage to global transport - Blog View - Elmosafer

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2020

Too early to tell if coronavirus damage to global transport

Posted by aseelhlu July 7, 2020 - Filed in Energy - #Too early to tell if coronavirus damage to global transport - 563 views

The coronavirus pandemic has dramatically curtailed all forms of transport as consumers are told to stay home to slow the spread of the virus and offices remain closed.

The economic fallout of the virus is reverberating through the transport industry with many players, especially airlines, particularly hard hit. The corresponding impact on energy markets has been severe, with transportation accounting for 25 percent of world energy demand, according to Refinitiv data. In April, US oil prices took a dramatic turn, moving into negative pricing as demand for fuel evaporated due to the coronavirus pandemic.