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EIA: Consumption of petroleum and liquid fuels globally to decrease by 8.3 million b/d

10 June 2020 11:13 (UTC +04:00)

EIA forecasts that demand for global petroleum and liquid fuels will average 83.8 million barrels per day (b/d) in the second quarter of 2020, 16.6 million b/d lower than at the same time last year, APA-Economics reports quoting EIA's monthly report.

Lower demand is the result of COVID-19-related shutdowns throughout much of the world. As stay-at-home orders are eased, EIA expects liquid fuels consumption will rise to an average of 94.9 million b/d in the third quarter (down 6.7 million b/d year over year).

EIA forecasts that consumption of petroleum and liquid fuels globally will average 92.5 million b/d for all of 2020, down 8.3 million b/d from 2019, before increasing by 7.2 million b/d in 2021.