10/14/2020, 10:34 AM (Source: TeleTrader)
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IEA keeps 2021 global oil demand forecast at 97.2M bpd

The International Energy Agency (IEA) decided to keep its global oil demand forecast for 2021 largely unchanged at 97.2 million barrels per day (bpd), expecting the demand to grow by 5.5 million bpd from this year's levels, the agency said on Wednesday in its monthly Oil Market Report.

The IEA's expectations for crude demand in 2020 remained unchanged as well 91.7 million barrels per day, down by 8.4 million bpd compared to the previous year.

Global oil demand went up by 3.4 million bpd on a monthly basis in July, as governments across the world eased coronavirus restrictions and travel demand somewhat recovered during the summer holiday season. "However, the second wave of Covid-19 cases and new movement restrictions are now slowing demand growth," the IEA said.

Breaking the News / GA