The International Energy Agency cut its 2020 oil demand forecast by 200,000 barrels per day (bpd) to 91.7 million bpd in its second downgrade in as many months
The Paris-based IEA cut its 2020 outlook by 200,000 barrels per day to 91.7 million bpd in its second downgrade in as many months.
“The economic slowdown will take months to reverse completely ... in addition, there is the potential that a second wave of the virus could cut mobility once again.” China - which emerged from lockdown sooner than other major economies and provided a strong prop to global demand - continues a strong recovery, while a virus upsurge in India contributed to the biggest demand drop since April, the IEA said.
The agency now predicts implied stock draws in the second half of the year of about 3.4 million barrels per day, nearly one million bpd less than it predicted last month, with July storage levels in developed countries again reaching record highs.
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