The International Energy Agency (IEA) on Thursday revised down its forecast for global oil demand this year by 140,000 barrels a day, which is a first downgrade in several months, due to the weakness in the aviation sector and remaining COVID-19 impact
MOSCOW (Pakistan Point News / Sputnik - 13th August, 2020) The International Energy Agency (IEA) on Thursday revised down its forecast for global oil demand this year by 140,000 barrels a day, which is a first downgrade in several months, due to the weakness in the aviation sector and remaining COVID-19 impact.
"Global oil demand is expected to be 91.9 mb/d in 2020, down 8.1 mb/d y-o-y. In this Report, we reduce our 2020 forecast by 140 kb/d, the first downgrade in several months, reflecting the stalling of mobility as the number of Covid-19 cases remains high, and weakness in the aviation sector," the IEA said in its monthly report.
The agency has also downgraded forecast for global oil demand in 2021 by 240,000 barrels a day to 97.1 mbd due to the weak air traffic worldwide.
