The International Energy Agency (IEA) has downgraded its forecast of a decline in oil demand this year from 8.1 million barrels per day to 8.4 million bpd, according to a fresh report.
“Increased COVID-19 cases in many countries, local isolation measures, continued teleworking and a weak air travel sector have led to a downward revision of our estimates of demand for the third and fourth quarters by 0.1 and 0.6 million barrels per day, respectively. “, – the report says.
“In 2021, demand will grow by 5.5 million barrels per day. China continues to recover with confidence, while India is showing weakness again,” the IEA writes.
The agency's analysts also note that world oil supplies in August increased by 1.1 million bpd – to 91.7 million bpd as OPEC + quotas weakened, but this was still 9.3 million bpd less than a year earlier.
“After two months of growth, recovery in non-OPEC + countries stalled in August. US production fell 0.4 million barrels per day due to emergency shutdowns caused by Hurricane Laura. the total volume of supplies from non-OPEC countries will decrease by 2.6 million barrels per day, and next year a slight recovery of 0.5 million barrels per day is expected, “the IEA expects.