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IEA Lowers Forecast For Global Oil Demand By 600,000 BPD For Q1 2021
#OOTT | IEA Lowers Forecast For Global Oil Demand By 600,000 BPD For Q1 2021 And By 300,000 BPD For 2021 As A Whole
— LiveSquawk (@LiveSquawk) January 19, 2021
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IEA cuts 2021 oil demand outlook on Covid surge
The IEA has lowered its forecast for global oil demand in 2021, but it still expects a sharp rebound in consumption in the second half of the year and the continuation of global inventory draws. "For now, a resurgence in Covid-19 cases is slowing the rebound, but a widespread vaccination effort and an acceleration in economic activity is expected to spur stronger growth in the second half of the year," the Paris-based energy watchdog said in its latest Oil Market Report (OMR). The IEA now sees global oil demand growing by 5.45mn b/d this year, after an "unprecedented" fall of 8.85mn b/d in 2020. This would leave ... (full story)