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The IEA warns global oil demand will shrink further in both 2020 and 2021, held up by gloomy air travel

1 month ago   |   By Business Insider

The International Energy Agency lowered its global oil demand forecasts for 2020 and 2021 on expectations of a further downturn in air travel.
Although there has been a recovery in business and industrial activity, that did not deter the agency from downgrading its estimates.
The Paris-based agency expects global oil demand to fall by 8.1 million barrels a day year-on-year to 91.1 million barrels a day this year, driven by lower demand for jet fuel.
For 2021, the agency revised down its prior estimate by 240,000 barrels a day to 97.1 million barrels a day, again reflecting weakness in the...
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Global demand for oil to fall further than expected, says IEA

Global demand for oil to fall further than expected, says IEA

1 month ago   |   By The Guardian

Oil watchdog cuts forecasts for 2020 and 2021 following an upsurge in coronavirus cases The world's demand for oil will fall further than expected through this year and in 2021 following a surge in new coronavirus cases, according to the International Energy Agency. The oil watchdog wiped almost a quarter of a million barrels of oil a day from its forecasts for next year after warning that the rising number of Covid-19 cases could mean a slower recovery for the global aviation industry and lower demand for transport fuels.
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