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The International Energy Agency (IEA) cut its forecast for oil demand in 2020 on Tuesday, citing market caution
over the pace of economic recovery brought on by the pandemic.
This is the second time in months that the Paris-based IEA has cut its forecast, cutting its 2020 production forecast by 200,000 b/d to 91.
7 million b
/d.
"We expect the recovery in oil demand to slow significantly in the second half of 2020 as most of the easy gains have already materialized
," the IEA said in its monthly report.
”
"It will take months for the slowdown to fully reverse.
.
.
In addition, the second wave of viral shocks, which are already visible in Europe, could again reduce the mobility of
the market.
”
The IEA said the increase in new COVID-19 cases in many countries and related lockdown measures, continued remote work and weakness in the aviation industry are hurting demand
.
The report added that increased oil production and a downgraded demand outlook also meant slower growth in crude oil inventories, which were growing
at the peak of lockdown measures.
The agency now forecasts implied inventories of about 3.
4 million barrels per day in the second half of the year, nearly 1 million barrels less than last month's forecast, while inventories in developed countries will hit another record high in July
.
The International Energy Agency (IEA) cut its forecast for oil demand in 2020 on Tuesday, citing market caution
over the pace of economic recovery brought on by the pandemic.
This is the second time in months that the Paris-based IEA has cut its forecast, cutting its 2020 production forecast by 200,000 b/d to 91.
7 million b
/d.
"We expect the recovery in oil demand to slow significantly in the second half of 2020 as most of the easy gains have already materialized
," the IEA said in its monthly report.
”
"It will take months for the slowdown to fully reverse.
.
.
In addition, the second wave of viral shocks, which are already visible in Europe, could again reduce the mobility of
the market.
”
The IEA said the increase in new COVID-19 cases in many countries and related lockdown measures, continued remote work and weakness in the aviation industry are hurting demand
.
The report added that increased oil production and a downgraded demand outlook also meant slower growth in crude oil inventories, which were growing
at the peak of lockdown measures.
The agency now forecasts implied inventories of about 3.
4 million barrels per day in the second half of the year, nearly 1 million barrels less than last month's forecast, while inventories in developed countries will hit another record high in July
.
