As the 2nd quarter demand drop was a bit less than it had earlier estimated, the IEA adjusted its forecasts.
It now expects that global oil demand this year will average 92.1 million barrels per day , down by 7.9 mbd from 2019, a slightly smaller decline than it forecast in June. The better performance in 2020 translates into a slightly lower recovery of 5.3 mbd next year to 97.4 mbd in average daily demand.
"However, the strong growth of new COVID-19 cases that has seen the reimposition of lockdowns in some regions, including North and Latin America, is casting a shadow over the outlook," said the IEA. From September it sees the drop in demand for petrol and diesel to be nearly gone. From that point lower demand by the
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