The International Energy Agency (IEA) on Friday said that it expected global oil demand in 2020 to stand at 92.1 million barrels per day (mbd), which is 400,000 bpd higher than the previous month's assessment, while in 2021 the global oil demand was forecast to stand at 97.4 mbd
MOSCOW (Pakistan Point News / Sputnik - 10th July, 2020) The International Energy Agency (IEA) on Friday said that it expected global oil demand in 2020 to stand at 92.1 million barrels per day (mbd), which is 400,000 bpd higher than the previous month's assessment, while in 2021 the global oil demand was forecast to stand at 97.4 mbd.
"For 2020 as a whole, demand will be 92.1 mb/d, 7.9 mb/d lower than 2019. This is 400 kb/d higher than the estimate growth rate in the last Report. Demand in 2021 is forecast to grow by 5.3 mb/d to 97.4 mb/d," the report read.
Despite an expected growth in demand next year, "average demand in 2021 will be 2.6 mb/d below the 2019 level with jet/kerosene accounting for three-quarters of the deficit," the IEA added.
According to the agency, a recent surge in the COVID-19 cases worldwide as well as the introduction of partial lockdowns puts "more uncertainty to the forecast."
