IEA lowers oil demand forecast, fears second wave of coronavirus

IEA lowers oil demand forecast, fears second wave of coronavirus

IEA lowers oil demand forecast, fears second wave of coronavirus

LONDON (Reuters) – The International Energy Agency (IEA) cut its 2020 oil demand forecast on Tuesday, citing caution over the pace of economic recovery from the coronavirus pandemic.

The IEA cut its forecast for oil demand in 2020 by 200,000 barrels per day to 91.7 million barrels per day.

“We expect the recovery in oil demand to slow markedly in the second half of 2020,” the IEA said in a monthly report.

“A full recovery in economic growth will take months … In addition, there is a possibility that a second wave of coronavirus (already being felt in Europe) will put pressure on demand again.”

(Noah Browning, translated by Olga Devyatiarova. Editor Anna Kozlova)

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