IEA reduces forecasted decline in demand

Oil

The International Energy Agency (IEA) has revised its 2020 oil demand forecast up by 680K b/d, predicting a decline of 8.63M b/d y-o-y, as opposed to 9.30M b/d in its April report. While gradual increases to mobility and recovering economic activity were outlined to be lifting demand, the IEA have cautioned that any recovery will be highly dependent on whether a resurgence of coronavirus outbreaks can be avoided as lockdown measures are lifted.