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According to a survey released by Make UK: The Manufacturers’ Organisation, manufacturers who put sustainability and environmental improvements at the core of their business, obtained significant cost-savings across their company. The report shows that 50% of manufacturers are making advancements with sustainability programmes and 71% saw a reduction in business costs after implementing their last environmental improvement plan.
During 2020 the extreme worldwide lock-down measures has drastically reduced the demand for energy. As the country remains locked down, demand for electricity continues to be low, and on the flip side, the supply chain high with an influx of LNG shipments and an increase in renewable energy generation. These are some of the major factors that have left us with an over-supplied power system and coerced energy prices downwards
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.