IEA cuts global oil demand forecast

IEA cuts global oil demand forecast
  • Clock-gray 15:21
  • calendar-gray 13 August 2020

The International Energy Agency (IEA) cut its global oil demand forecast in its latest monthly crude report released on Thursday, APA reports citing Teletrader.

According to the report, the agency now expects global crude demand will fall by 8.1 million barrels per day to 91.9 million barrels per day. The figure is 140,000 bd lower than its previous forecast. For 2021, the agency revised down its forecast by 240,000 bd to 97.1 million bd. The slashed forecast comes on the back of weaker fuel demand due to the coronavirus pandemic.

"In April the number of aviation kilometers traveled was nearly 80% down on last year and in July the deficit was still 67%. The aviation and road transport sectors, both essential components of oil consumption, are continuing to struggle," the IEA said in its report.

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