IEA Cuts Oil Demand Forecast On More Fragile Outlook

For a second consecutive month, the International Energy Agency (IEA) cut on Tuesday its forecast for global oil demand this year, citing an “even more fragile outlook” about the oil market rebalancing. In its closely-watched Oil Market Report, the IEA said that resurging COVID-19 cases in many countries, resulting in local lockdowns and continued work-from-home, would weigh on oil demand this quarter and next, leading to total world oil demand falling by 8.4 million barrels per day (bpd) in 2020, a downward revision from the 8.1-million-bpd…