Global oil demand will be lower in 2021 than previously expected, the International Energy Agency said on Tuesday, as renewed lockdowns to contain the pandemic hit consumption.
The IEA said oil demand would be 600,000 barrels a day lower than previously forecast in the first quarter of 2021 and 300,000 b/d lower for the year as a whole, although it still expects a strong recovery in the second half of the year as vaccinations accelerate.
“It will take more time for oil demand to recover fully as renewed lockdowns in a number of countries weigh on fuel sales,” the IEA said in its closely watched monthly report.
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