The International Energy Agency (IEA) downgraded on Tuesday its forecast for global oil demand fall in 2020 by 300,000 barrels per day, to a total of 8.4 million barrels per day due to the resurgence of COVID-19 in many countrie
MOSCOW (Pakistan Point News / Sputnik - 15th September, 2020) The International Energy Agency (IEA) downgraded on Tuesday its forecast for global oil demand fall in 2020 by 300,000 barrels per day, to a total of 8.4 million barrels per day due to the resurgence of COVID-19 in many countries.
"A resurgence of Covid-19 cases in many countries, local lockdown measures, continued teleworking and the weak aviation sector led to downward revisions of our demand estimates for 3Q20 and 4Q20 by 0.1 mb/d and 0.6 mb/d, respectively. For 2020, demand will fall versus 2019 by 8.4 mb/d, more than the 8.1 mb/d seen in the last Report," the agency said a monthly report.
However, the IEA's forecast for global oil demand next year has slightly improved from last month's expectations and now stands at 5.5 mbd, but the demand in 2021 will still remain below the levels of 2017, according to the report.
