IEA Warns Oil Demand Recovery at Risk From Virus Resurgence
- Second-quarter demand estimate boosted by 1.5M barrels a day
- Coronavirus still ‘casting a shadow over the outlook’: IEA
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The International Energy Agency bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus.
A collapse in fuel consumption during the second quarter was slightly less severe than previously estimated, and demand should rebound sharply over the next three months as economic activity resumes, the agency said in a monthly report. Bloated inventories will diminish as OPEC and its allies persevere with vast production cuts, it predicted.