The outbreak of the COVID 19 virus has led to some serious damage in various industrial sectors and domain in the past few months and we cannot see those getting back in shape anytime soon. Even the recent report released by the International energy agency has deemed this as the ‘once in a century crisis’.
NJ Ayuk, who comes over as one of the most renowned energy experts from the African continent, further raise concerns on the future of the energy sector amidst this coronavirus threat. As per him, with the closure of international travel in almost every country around, the global energy demands have plummeted to their worst low.
NJ Ayuk centurion law group also says that we cannot foresee any big hope in the coming future so it’s all down to the respective countries and the authorities to come up with some favorable policies and reforms to rejuvenate this sector sooner than later.
Impact of the COVID 19 on the energy sector
NJ Ayuk guardian further quotes about the seriousness of the situation while citing the reports shared by the IEA recently. The same report confirms that the global demand for oil is expected to fall by almost 9 percent by this year.
Now, this is a figure that would bring global oil consumption to the equivalent of the year 2012.NJ Ayuk says that we can certainly blame the lockdowns across the globe due to the pandemic situation for the same. Due to this, road transport has witnessed a decrease of more than 50 percent.
On the other side, the aviation activities have also tossed a severe drop of 70 percent by April and we are not seeing it getting back in operation anytime soon. Meanwhile, the International air transport association is further expecting the same utilization to fall below 65 percent for the coming months and that figure is certainly scary for many.
What can be done about it?
NJ Ayuk’s wife finds a list of detailed reforms and measures by the global governments and authorities as to the only solution to the same situation. He also urges the United Nations and the World Bank to come up with some concrete decisions to address this crisis situation in the energy sector.
Being an energy expert himself, NJ Ayuk played a key role in the reformation of the African energy sector for the past few years. Besides being an energy expert, he has also established himself as one of the most notable legal professionals in the African continent
Currently, he is serving as the executive board member of the African energy chambers that deal with the concerns of the same sector within the continent.