IEA Slashes Oil Demand Outlook For 2021

The International Energy Agency cut its crude oil demand recovery outlook for this year by 300,000 bpd to 5.5 million bpd in its latest Oil Market Report, out today. The authority said it expected demand to average 96.6 million bpd in 2021, after crashing by an all-time high of 8.8 million bpd in 2020 under the weight of the Covid-19 pandemic. On the supply side, the IEA forecast a recovery of over 1 million bpd, most of it to come from OPEC members after last year supply fell by 6.6 million bpd. It also sounded a positive note, leaving space for…