World Oil Demand Down 8.8Mln Barrels in 2020 Compared to Last Year - US Energy Agency
World oil demand is expected to fall by 8.8 million barrels this year as compared to 2019 due to the adverse effects of the novel coronavirus pandemic, the US Energy Information Administration said in its monthly Short-Term Energy Outlook on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 08th December, 2020) World oil demand is expected to fall by 8.8 million barrels this year as compared to 2019 due to the adverse effects of the novel coronavirus pandemic, the US Energy Information Administration said in its monthly Short-Term Energy Outlook on Tuesday.
"EIA forecasts that global consumption of petroleum and liquid fuels will average 92.4 million b/d for all of 2020, which is down by 8.8 million b/d from 2019," the monthly outlook said. "Reduced economic activity related to the COVID-19 pandemic has caused changes in energy demand and supply patterns in 2020 and will continue to affect these patterns in the future.
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EIA said it expected demand for oil to rise in 2021, citing support from a likely rebound in the US economy.
The agency also said it forecasts the global consumption of petroleum and liquid fuels will increase by 5.8 million barrels per day in 2021.
US gross domestic product began rising in the third quarter of 2020 and the outlook assumes it will grow by 3.1 percent annually in 2021 from 2020, EIA added.