Vaccine News Not Enough To Spur Oil-Demand Recovery, Says IEA

Yesterday, OPEC said it was lowering its estimate for oil demand for the remainder of 2020 and beyond, as coronavirus cases surge in the United States and elsewhere. Today, in its November oil market report, the International Energy Agency (IEA) revised its estimates down by even more than OPEC.

The agency now thinks demand will drop through the first quarter of 2021, with the nadir being 2020's fourth quarter. Overall, it believes oil demand for 2020 will be down by 8.8 million barrels per day (mb/d), compared to its previous estimate of 8.4 mb/d in its October report. 

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Source Fool.com