“International Energy” deepens the contraction in global oil demand during 2020

The arrival of vaccines for Covid-19 is unlikely to boost oil demand before the middle of next year.
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14.11.2020

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The International Energy Agency said, on Thursday, that it had deepened its forecast for a contraction in oil demand to 8.8 million barrels during 2020, 400,000 barrels higher than last month’s forecast.

The agency added in a statement, that the deepening of the contraction is due to weak historical data, and the resurgence of “Covid-19” injuries in Europe and the United States.

The report expected global demand to increase by 5.8 million barrels per day in 2021, compared to expectations of 5.5 million barrels per day last month.

Global demand for oil will rise to 97.1 million barrels per day, 3 million barrels per day less than 2019 levels.

The report stated that it is unlikely that the arrival of vaccines for Covid-19 will greatly enhance the demand for oil before the middle of next year .. “Weak demand and high production in some countries indicate that the basic factors of the market are weak.”

The report showed that global oil supplies rose by 200,000 barrels per day on a monthly basis last October, and the production of the “OPEC +” coalition was largely stable.

Www.shwiesh.com

The report showed that global oil supplies rose by 200,000 barrels per day on a monthly basis last October, and OPEC + production was largely stable.

It expected global crude oil supplies to rise by one million barrels per day in November, due to increased production from Libya and the recovery of the United States after the storms that struck the Gulf of Mexico.

On Wednesday, OPEC deepened its forecast for global oil demand by 300 thousand barrels during the current year to a contraction of 9.75 million barrels per day, compared to a contraction of 9.47 million barrels per day forecast last month.

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