• There's growing consensus that oil demand won't make a comeback

    14 days ago - By Fortune

    Oil demand is in a slump and it won't recover any time soon.
    In its September Oil Market Report , published Tuesday, the International Energy Agency predicted annual demand would contract by a volume equivalent to 8.4 million barrels per day, compared to 2019. That's steeper than the 8.1 million bpd slump the IEA predicted last month.
    “In last month's report, we said that the market was in a state of ‘delicate re-balancing.' One month later, the outlook appears even more fragile,” the IEA said, attributing demand disruption mostly to the pandemic. Next year, the IEA expects demand to...
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