IEA sees lower oil demand in 2020, 2021 on upsurge of coronavirus cases and stalling mobility
The International Energy Agency lowered its global oil demand forecasts for the first time in several months on Thursday, as the number of Covid-19 infections remains high and amid ongoing weakness in the aviation sector.
In a closely-watched monthly report, the IEA said it now sees global oil demand for 2020 at 91.1 million barrels per day, reflecting a fall of 8.1 million barrels per day year-on-year.
This revised forecast is 140,000 barrels per day lower than the IEA’s previous projection.
The agency also revised down its 2021 global oil demand estimate by 240,000 barrels per day to 97.1 million barrels per day, with jet fuel demand identified as the “major source” of weakness.
The report comes shortly after the world’s largest oil and gas firms reported historic losses in the second quarter as coronavirus lockdown measures led to an unparalleled demand shock in energy markets.
Reference: CNBC
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