11272020Fri
Last updateWed, 25 Nov 2020 4pm

End-User News

IEA Cuts Oil Demand Forecast Over Virus Concerns

Weak historical data and the resurgence of COVID-19 in Europe and the United States led the International Energy Agency (IEA) to revise down its near-term global demand outlook by 0.4 mb/d in 3Q20, 1.2 mb/d in 4Q20 and 0.7 mb/d in 1Q21. The IEA now expects 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.

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