IEA Believes Global Oil Demand to Fall by 8.6Mln Bpd in 2020

12:04' AM - Monday, 18/05/2020

The International Energy Agency (IEA) said on Thursday that the global oil demand in 2020 would fall by 8.6 million barrels per day, revising downward its previous report.

"Although 2H20 will be slightly weaker than previously forecast, our outlook for 2020 as a whole shows a demand fall of 8.6 mb/d, 0.7 mb/d more than in our previous Report. A resurgence of Covid-19 is a major risk factor for demand," IEA said in its fresh oil market report.

The agency said that the demand drop in the first half of the year could be not as steep as initially expected.

However, the agency downgraded its forecast for the second half of the year.

"On the other hand, we have slightly revised down our expectations for the second half of 2020 and now expect demand to fall by 4.6 mb/d y-o-y, versus the 4.3 mb/d we saw last month," the report read on.

Global Oil Supply to Fall to 9-Year-Low in May as OPEC+ Deal Takes Effect

Global oil supply will fall in May to a nine-year-low of 88 million barrels per day, as the new OPEC+ oil production cuts deal will take effect, the IEA said.

OECD Commercial Oil Stocks 46.7Mln Barrels Above 5-Year-Average in March

The commercial oil stocks in the member states of the Organization for Economic Cooperation and Development (OECD) grew in March by 68.2 million barrels and stood 46.7 million barrels above the five-year-average, IEA said.

"OECD data for March show that industry stocks rose by 68.2 mb (2.2 mb/d) to 2 961 mb. Total OECD stocks stood 46.7 mb above the five-year average and, due to the weak outlook, now provide an incredible 90 days of forward demand coverage," the IEA said in its new oil market report.

IEA Chief Sees Signs of Gradual Rebalancing of Oil Markets Following Crisis

The International Energy Agency starts to notice the signs of a gradual stabilization of the oil markets following a tough energy crisis last month, IEA Executive Director Fatih Birol said Thursday.

In April, the oil prices reached historic lows and turned negative at the exchange, as the energy demand had fallen significantly in light of the COVID-19 outbreak, lockdown measures and economic meltdown. - Sputnik -

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