IEA lifts oil demand forecast on China, India rebound

Wed, 17 Jun 2020

A faster than expected recovery in China and India has prompted the International Energy Agency to raise its forecast for global oil use this year. The agency is expecting demand to average 91.7 million barrels a day in 2020 – a reduction of 8.1 million barrels from last year and the biggest demand slump in history. But its forecast is about 500,000 barrels a day higher than it was picking last month, reflecting stronger-than-expected deliveries during lockdown and a sharper recovery since then. “New data show that demand destruction i...

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