Global Oil Demand Expectations Drop Even Further
In its latest monthly oil market report, the International Energy Agency (IEA) is cutting its global oil demand forecast for 2020 by about 4% compared to its last monthly report. It still sees a rebound in 2021 with demand estimated to grow by 5.5 million barrels per day (BPD).
The agency says that impacts from a resurgence of COVID-19 in many countries drove the revised forecast. Global demand from January to July dropped by 10.5 million BPD compared to last year due to impacts from the coronavirus pandemic.
Source Fool.com
