The IEA said it expects oil demand to fall by 8.1 million barrels per day in 2020, before growing by 5.7 million barrels per day in 2021.
Oil prices have tumbled around 40% year-to-date, as lockdown measures designed to slow the spread of the coronavirus created an unparalleled demand shock in energy markets.
It means the expected drop in oil demand this year amounts to the largest in history, the IEA said, with the demand rise in 2021 forecast to be the largest one-year jump ever recorded "as activity begins to return to normal across vast swathes of the economy." "If recent trends in production are maintained and demand does recover, the market will be on a more stable footing by the end of the second half. However, we should not underestimate the enormous uncertainties," the group added.to extend record output cuts of 9.7 million barrels per day through July.
Russian Energy Minister Alexander Novak and Saudi Energy Minister Abdulaziz Bin Salman sign documents during a ceremony following a meeting of Russian President Vladimir Putin with Saudi Arabia's King Salman in Riyadh, Saudi Arabia, on October 14, 2019.To date, more than 8 million people have contracted the Covid-19 infection, with 436,899 deaths, according to data compiled by Johns Hopkins University.
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