While the CCP (Chinese Communist Party) virus pandemic has dealt a body blow to global oil demand in 2020, the International Energy Agency (IEA) says it expects a record-breaking rebound in 2021 as lockdowns are lifted around the world and economic activity returns.
According to the IEA’s June Oil Market Report released Tuesday, global oil demand is expected to fall by 8.1 million barrels per day (mb/d) in 2020 before recovering almost three-quarters of that fall next year. The report was more optimistic and raised the demand forecast for 2020 by 500,000 barrels/day over May’s forecast to 91.7 mb/d, as stronger than expected deliveries were recorded during the lockdown period.
