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IEA anticipates a historic drop in oil demand by 2020

17 June 2020
Consumers
Energynomics

The International Energy Agency (IEA) said on Tuesday that it expects the biggest drop in oil demand in history this year, but that there are signs that the market could reach some stability in the coming months, CNBC reports.

According to the IEA, oil demand in the second quarter, the period in which the biggest impact of the restrictions took place, was of 17.8 million barrels per day, lower than the same period last year. The decline in demand was unprecedented, but slightly below IEA’s expectations.

The Paris-based organization estimated on Tuesday that oil demand will fall in 2020 by 8.1 million barrels per day, and will increase by 5.7 million barrels per day in 2021, according to News.ro.

The anticipated decline in oil demand for 2020 will be the largest in history, according to the IEA, while the 2021 increase would be the largest ever recorded in a single year.

By 2020, oil demand is expected to be 91.7 million barrels per day, up nearly 500,000 barrels from the agency’s published estimate in May, due to more than expected deliveries during the restrictions.

Autor: Energynomics

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