Global oil markets are facing severe downward pressure as the impact of the novel coronavirus (Covid-19) spreads around the world, which the International Energy Agency (IEA) said Monday raises concerns about whether companies will honor their pledges to transition to clean energy.

The Paris-based agency said Monday in its latest oil market forecast that demand for oil this year is expected to drop for the first time since the global recession of 2009 because of the deep contraction in oil consumption in China, and major disruptions to global travel and trade.