Bloomberg reports that the International Energy Agency (IEA) said, the oil market will suffer a long-lasting blow from the coronavirus, with demand taking years to recover and peaking at a lower level.

After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the IEA said.

Even in that case, which is the most optimistic scenario for oil considered by the IEA, the pandemic has an enduring impact. The IEA reinforced its view that global oil demand will plateau around 2030, topping out at lower levels than forecast last year.

“The era of global oil demand growth will come to an end in the next decade,” IEA Executive Director Fatih Birol said.