According to the International Energy Agency (IEA) lowered the forecast for oil demand in 2021


According to the International Energy Agency (IEA) lowered the forecast for oil demand in 2021

The International Energy Agency (IEA) has cut its global oil demand outlook for 2021 due to the COVID-19 outbreak and new blockade measures in many countries that limit travel.

The IEA estimates that oil demand in the first quarter of 2021 will decrease by 0.6 million barrels / day. (Artwork: DW)

Large-scale vaccination programs will help recover world oil demand in the second half of this year, to an average of 96.6 million barrels per day, according to the International Energy Agency (IEA). This figure is still 0.3 million barrels lower than the assessment made by the IEA last month.

In 2020, global oil demand will decrease by 8.8 million barrels a day, the strongest decline ever recorded.

IEA estimates that oil demand in the first quarter of 2021 will decrease by 0.6 million barrels / day compared to the previous forecast, while oil demand for the whole year 2021 will also be adjusted down by 0.3 million barrels / day.

The IEA said that after falling to a record 6.6 million barrels a day, world oil supplies will increase by more than 1 million barrels a day in 2021.

The new IEA forecasts come in the context of many countries’ officials applying stricter social measures to cope with the new wave of COVID-19 spread.

The IEA report states that the rebound in many countries’ record of COVID-19 cases has slowed the recovery process, but efforts to implement widespread immunization and economic activity show signs of increasing. The return is expected to boost oil demand growth in the second half of 2021.

This recovery mainly reflects the impact of monetary and fiscal support packages as well as the effectiveness of COVID-19 pandemic response measures.

Despite the forecasts above, Asian oil prices still increased slightly in the session on January 19, when investors were optimistic that the economic stimulus measures of many governments would support the global economy to recover. boosting fuel demand.

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