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.
IEA trying to hopelessly pump the market. Fixed your second typo
IEA = full of permabull vested interest shite
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