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IEA sees oil demand recovery decelerating for rest of 2020

Tue, 15th Sep 2020 09:00

LONDON, Sept 15 (Reuters) - The International Energy Agency
(IEA) trimmed its 2020 oil demand forecast on Tuesday, citing
caution about the pace of economic recovery from the pandemic.

The Paris-based IEA cut its 2020 outlook by 200,000 barrels
per day (bpd) to 91.7 million bpd in its second downgrade in as
many months.

"We expect the recovery in oil demand to decelerate markedly
in the second half of 2020, with most of the easy gains already
achieved," the IEA said in its monthly report.

"The economic slowdown will take months to reverse
completely ... in addition, there is the potential that a second
wave of the virus (already visible in Europe) could cut mobility
once again."
(Reporting by Noah Browning; editing by Jason Neely)

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