Slow Airline Industry Recovery Pushes Global Oil Demand Forecast Lower

  • IEA cuts global oil demand forecast for 2020, 2021
  • Cites upsurge in COVID-19 cases affecting mobility, aviation sector weakness
  • Market rebalancing “delicate” due to uncertainty and possibility of higher output

Today the International Energy Agency released its monthly oil market report and revealed it has lowered its 2020 global oil demand forecast by 140,000 barrels per day to 91.9 million barrels per day. This is 8.1 million barrels per day lower than last ye…

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