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Global oil demand is expected to decline in 2020 as the impact of COVID-19 spreads around the world. According to the International Energy Agency’s latest oil market forecast, global oil demand is down by around 90,000 barrels per day from 2019. China’s lockdown has led to a high volume of LNG shipments being diverted across Europe and resulting in an oversupplied gas system. In addition, the milder weather conditions mean less demand for energy, driving prices downwards even further. As a result of the decrease in demand coupled with an oversupplied gas system, Brent Crude Oil is set to fall even more this year to below $30 per barrel.
The UK government's plan for a net zero economy by 2050 sets out to balance carbon emissions by offsetting the equivalent amount that we, as an country, are putting back into our planet's atmosphere. In response, businesses are looking at how they counteract their carbon production by incorporating offsetting schemes within the procurement of their commercial energy and often look towards us, as a specialist energy consultancy, to help them to do this. Unfortunately, producing carbon emissions is unavoidable in some industries, but that doesn’t mean your organisation can’t get involved with a more sustainable, energy-efficient way of running its business.
For many corporate businesses, SME’s and single business owners, securing the most cost-effective gas and electricity contracts can be far from straight forward. Suppliers are continually changing the way they bill for commercial energy, have numerous varying contracts and T&C’s. To add to this, the government enforce new levies and taxes and are constantly changing these charges to businesses. Using an energy consultancy can alleviate issues associated with the procurement of commercial energy away from your business, especially one which has established a long-term relationship with a wide range of suppliers and have grounding expertise within the energy industry.