IEA keeps oil demand forecast stable for this year

This year, global oil demand will decrease by 8.4 million barrels to 91.7 million barrels, Report says.

The International Energy Agency (IEA) maintained its former forecast in its October record.

According to the document, although the daily oil demand increased by 3.4 million barrels in July due to the slowdown of the global coronavirus pandemic and the easing of restrictive measures, the market’s growth slowed because of the second wave of COVID-19.

The previous forecast that demand will rise by 5.5 million barrels in 2021 compared to the current year was confirmed.

“As noted in the earlier paper, the prognosis for the recovery in demand remains fragile,” the IEA said.

The new restrictive measures reduced its forecast for the recovery of oil demand in the third quarter of this year by 200,000 barrels.