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The International Energy Agency (IEA) raised its forecast for oil demand in 2020 on Friday, but still warned that the spread of COVID-19 poses a risk
to the outlook.
The Paris-based IEA lowered its second-quarter decline less than expected, raising its forecast to 92.
1 million barrels per day, up 400,000 barrels
from last month's forecast.
"While the oil market has undoubtedly progressed, .
.
.
The increasing number of COVID-19 cases in some large countries and in some countries is a troubling reminder that the pandemic is not under control and that our market outlook remains almost certainly at risk," the IEA said
in its monthly report.
The easing of lockdown measures in many countries led to a strong rebound
in fuel supplies in May, June and even July, the IEA said.
However, refining activity will fall much more in 2020 than the IEA predicted last month, and then the decline will slow
in 2021.
"For refiners, any benefit from demand growth could be offset
by expectations of tighter feedstock markets in the future," the IEA said.
Refining margins will also be challenged
by excess inventories of key products following a very weak second quarter of 2020.
”
The International Energy Agency (IEA) raised its forecast for oil demand in 2020 on Friday, but still warned that the spread of COVID-19 poses a risk
to the outlook.
The Paris-based IEA lowered its second-quarter decline less than expected, raising its forecast to 92.
1 million barrels per day, up 400,000 barrels
from last month's forecast.
"While the oil market has undoubtedly progressed, .
.
.
The increasing number of COVID-19 cases in some large countries and in some countries is a troubling reminder that the pandemic is not under control and that our market outlook remains almost certainly at risk," the IEA said
in its monthly report.
The easing of lockdown measures in many countries led to a strong rebound
in fuel supplies in May, June and even July, the IEA said.
However, refining activity will fall much more in 2020 than the IEA predicted last month, and then the decline will slow
in 2021.
"For refiners, any benefit from demand growth could be offset
by expectations of tighter feedstock markets in the future," the IEA said.
Refining margins will also be challenged
by excess inventories of key products following a very weak second quarter of 2020.
”
