The International Energy Agency (IEA) cut its 2020 oil demand forecast on Thursday, warning that reduced air travel due to the coronavirus pandemic would lower global oil demand this year by 8.1 million barrels per day (bpd).
The Paris-based IEA slashed its 2020 outlook by 140,000 bpd to 91.9 million bpd, its first downgrade in several months.
“Jet fuel demand remains the major source of weakness,” the IEA said in its monthly report.
“In April the number of aviation kilometres travelled was nearly 80% down on last year and in July the deficit was still 67% … The aviation and road transport sectors, both essential components of oil consumption, are continuing to struggle.”
