MOSCOW (Pakistan Point News / Sputnik - 12th November, 2020) The International Energy Agency (IEA) on Thursday revised down its forecast for global oil demand fall in 2020 by 0.4 million barrels a day (mbd) to 8.8 mbd due to the second wave of COVID-19 and reintroduction of lockdowns.
"We now expect demand to decrease by 8.8 mb/d in 2020 (versus 8.4 mb/d in last month's Report) and to rise by 5.8 mb/d in 2021 (versus 5.5 mb/d last month). Vaccines are unlikely to significantly boost demand until well into next year," the IEA said in a monthly report.
The prolonged effect of COVID-19 on the oil demand will likely lead to a fall of 0.7 mbd in the first quarter of 2021, the agency noted.
At the same time, the IEA has revised up its forecast for global oil demand growth in 2021 by 0.3 mbd to 5.8 mbd in comparison with the last month's forecast.
