IEA lowers 2020 oil demand forecast citing dismal aviation sector

Hellenic Shipping News | Aug 14, 2020 at 2:00 AM
  • The International Energy Agency (IEA) cut its 2020 oil demand forecast on Thursday, warning that reduced air travel due to the coronavirus pandemic would lower global oil demand this year by 8.1 million barrels per day (bpd).
  • The Paris-based IEA slashed its 2020 outlook by 140,000 bpd to 91.9 million bpd, its first downgrade in several months.
  • Damage to demand wrought by less cross-border travel was mitigated somewhat by recovery in industry and e-commerce that was supporting trucking, but the IEA still predicted 2021 oil consumption would be slightly lower than in 2019.