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9/15, 10:13 AM (Source: TeleTrader)
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IEA cuts 2020 oil demand estimate to 91.7M bpd in September

The International Energy Agency (IEA) announced on Tuesday that it cut its 2020 global oil demand forecast by 200,000 compared to the previous estimate to 91.7 million barrels per day (bpd), meaning demand expectations are currently at 2013 levels. Compared to 2019, IEA sees global oil demand falling by 8.4 million bpd. However, 2021 demand is seen at 97.1 million bpd and remained unchanged from the previous forecast.

The IEA stressed that it revised down its demand estimates for the last two quarters of 2020 as a result of the resurgence of the COVID-19.

Furthermore, non-OPEC supply is seen as declining by 2.6 million bpd this year after production in the United States was down by 400,000 bpd in August due to Hurricane Laura. Meanwhile, demand in China is showing a strong recovery while India's demand is weak.

Breaking the News / VP