IEA Says Covid Vaccine ‘Unlikely to Ride to the Rescue’ of World Oil Market for Some Time



Sam Meredith | CNBC

LONDON — The International Energy Agency (IEA) on Thursday cut its 2020 global oil demand forecast and said it does not expect the prospect of a coronavirus vaccine to significantly boost demand “until well into next year.”

In its latest closely-watched monthly report, the IEA said it now expects world oil demand to contract by 8.8 million barrels per day this year. That reflects a downward revision of 0.4 million barrels from last month’s assessment.

The Paris-based energy agency trimmed its near-term outlook on weak historical data and a resurgence of Covid-19 cases in Europe and the U.S.

For 2021, the IEA said world oil demand growth will rise by 5.8 million barrels per day, representing an upward revision of 0.3 million barrels from last month.

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