The International Energy Agency (IEA) downgraded its 2020 global oil demand drop forecast to 8.1 million barrels per day, with the sharpest decline expected in the first half of the year
MOSCOW (Pakistan Point News / Sputnik - 16th June, 2020) The International Energy Agency (IEA) downgraded its 2020 global oil demand drop forecast to 8.1 million barrels per day, with the sharpest decline expected in the first half of the year.
"In the second half of the year the easing of lockdown measures in many countries should provide a boost. Even so, demand in 2020 is expected to be 8.1 mb/d lower than in 2019, with the biggest declines seen in the first half of the year. Our first forecast for 2021 as a whole shows demand growing by 5.7 mb/d, which, at 97.4 mb/d, will be 2.4 mb/d below the 2019 level," the IEA said on Tuesday in its fresh Oil Market Report.
The IEA also downgraded its 2020 non-OPEC oil supply decrease forecast to 3.1 million barrels per day from the previous 3.3 million barrels per day.
