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- International Energy Agency (IEA) says oil demand won't fully recover until at least 2022
International Energy Agency (IEA) says oil demand won't fully recover until at least 2022
IEA raised the forecast for 2020 oil demand by nearly 500,000 bpd due to stronger than expected imports in Asia.
Floating storage of crude oil in May fell by 6.4 mil barrels m/m to 165.8 mil barrels
Global oil supply fell by 11.8 mil bpd in May
Helped by OPEC+ countries reducing output by 9.4 mil bpd
Sees oil demand next year to rise by 5.7 mil bpd, but still lower than in 2019
Oil demand next year to remain 2.4 mil bpd below 2019 levels
Reduced jet and kerosene deliveries will impact total oil demand until at least 2022.
Less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022.
On OPEC+, they made a "strong start" and delivered 89% of its pledge to cut output
Rising prices could pose a problem:
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