OPINION: Early data reveals how badly the Covid-19 pandemic is hitting the oil industry, but the deeper impact on the energy sector will take longer to ascertain.

A new report by the International Energy Agency (IEA) sees crude consumption plunging by 9.3 million barrels per day in 2020, with overall demand for energy falling 6%.

Oil companies are worried, with good reason, but there are some subtle differences in the way they interpret their predicament, especially when it comes to energy transition.