The previous tweet was deleted to fix a typo. The IEA is expecting a record rebound in oil demand in 2021.
LONDON--The coronavirus pandemic will hammer global growth and oil demand this year but supply cuts from producers and a record rebound in demand in next year will help rebalance the oil market, the International Energy Agency said Tuesday.
If that resurgence persists, and oil-producing nations stick to their plans to constrict global oil supply,"the market will be on a more stable footing by the end of the second half [of 2020]," the IEA said in its report. The agency adjusted its June report to account for the forecast of its parent organization, the Organization for Economic Co-operation and Development, which estimated a 6% global hit to GDP in 2020 and a rebound of 5.2% in 2021. The pace and success with which different nations will reopen their economies is still highly uncertain, the agency added.
A drop-off in air travel demand means that after falling 3 million barrels during 2020, the IEA expects demand for jet fuel and kerosene to only recover by 1 million barrels a day in 2021, leaving it well below pre-crisis levels.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IEA sees largest drop of oil demand in history this year, before biggest-ever one-year jump in 2021The IEA said it expects oil demand to fall by 8.1 million barrels per day in 2020, before growing by 5.7 million barrels per day in 2021.
Read more »
Ecopetrol denounces sabotage of 31 wells at La Cira-Infantas oil fieldColombia's majority state-owned oil company Ecopetrol denounced on Sunday the sabotage of 31 wells at an oil field in the northeast of the country, which put the wells offline and led to oil being spilled.
Read more »
Asian stocks, oil sell off on second wave fearsAsian markets started the week on the backfoot on Monday while oil prices slipped as fears of a second wave of coronavirus infections in China sent investors scurrying for safe-havens.
Read more »
Oil prices drop as rising U.S. coronavirus cases stoke fears of weak fuel demandOil prices fell on Monday, with U.S. oil dropping more than 2%, as a spike in new coronavirus cases in the United States raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery.
Read more »
Iraq agrees with oil companies on deeper output cuts in June - sourcesIraq has agreed with major oil companies operating its giant southern oilfields to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday.
Read more »
Level Up Your Summer Grilling With These Kebabs With Garlic Citrus OilThe blender hack is genius.
Read more »