The International Energy Agency said on Thursday it cuts its global oil demand outlook due to the resurgence of the coronavirus in Europe and the United States. The agency now expects demand to decrease by 8.8 million barrels a day this year. For next year, the IEA says demand will rise by 5.8 million barrels a day.
“Vaccines are unlikely to significantly boost demand until well into next year,” the IEA said in its November report.
The Organization of the Petroleum Exporting Countries said on Wednesday it expects global oil demand to climb by 6.25 million barrels per day next year, down by 300,000 compared to its previous forecast.