IEA Cuts 2020 Global Oil Demand Forecast on Virus Surge

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The International Energy Agency (IEA) on Thursday cut its 2020 global oil demand forecast, citing a resurgence of the Covid-19 pandemic, with vaccines unlikely to have much of an impact until well into next year.

The IEA said that as a result of fresh restrictions imposed by governments in an effort to curb the disease, it expected full-year 2020 global oil demand of 91.3 million barrels per day (mbpd), down by 8.8 mbpd compared with the drop of 8.4 mbpd given in last month's regular report.