The International Energy Agency has revised its oil consumption forecasts this year and next as global demand slows.
The Paris-based agency said global oil demand would average 91.9m barrels per day by 2020, down 8.1 mb / d this year and 140,000 md / d lower than last month's forecast. The IEA's demand forecast from 2021 was lowered by 240,000 b / d to 97.1m o.o.h., a level still about 3 billion dd during the peak of the crisis.
In its monthly report, the IEA said it was "the first downgrade in several months, reflecting the halt in mobility, as the number of Covid-1
"Recent mobility data suggest that recovery has taken place in many regions, although Europe is currently still on the rise. For fuel for road transport, demand in the first half of 2020 was slightly stronger than expected, but for the second half of the year we are remain cautious and the rise in Covid-19 cases has seen us downgrade our estimates, mainly for petrol, "it says.
The global oil supply is expected to be fairly even in August despite Saudi Arabia leading Opec in starting put back some production, as other members of the cartel compensate for being slower in reducing production earlier in the year. half of the year, but the level of uncertainty over supply and demand meant a recovery was “delicate”.