The IEA said it now sees oil demand for 2020 at 91.1 million barrels per day (bpd), reflecting a fall of 8.1 million bpd year-on-year.
The IEA said it now sees global oil demand for 2020 at 91.1 million barrels per day, reflecting a fall of 8.1 million barrels per day year-on-year.The report comes shortly after the world's largest oil and gas firms reported historic losses in the second quarter as coronavirus lockdown measures led to an unparalleled demand shock in energy markets.
An Eastar Jet Inc. aircraft, front, and Jeju Air Co. aircraft sit on the tarmac at Incheon International Airport in Incheon, South Korea, on Wednesday, Aug. 12, 2020.The International Energy Agency lowered its global oil demand forecasts for the first time in several months on Thursday, as the number of Covid-19 infections remains high and amid ongoing weakness in the aviation sector.
In a closely-watched monthly report, the IEA said it now sees global oil demand for 2020 at 91.1 million barrels per day, reflecting a fall of 8.1 million barrels per day year-on-year.The agency also revised down its 2021 global oil demand estimate by 240,000 barrels per day to 97.1 million barrels per day, with jet fuel demand identified as the "major source" of weakness.in the second quarter as coronavirus lockdown measures led to an unparalleled demand shock in energy markets.
"Recent mobility data suggest the recovery has plateaued in many regions, although Europe, for now, remains on an upward trend," the IEA said in its release Thursday. "For road transport fuels, demand in the first half of 2020 was slightly stronger than anticipated, but for the second half we remain cautious and the upsurge in Covid-19 cases has seen us downgrade our estimates, mainly for gasoline."
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