IEA raises global oil demand outlook

"Global oil demand fell by 16.4 million barrels per day year-on-year in the second quarter of 2020 due to lockdowns to combat the Covid-19 pandemic," the IEA said in its Oil Market Report (OMR) for July.

According to the report, the demand surged in China and India – 0.7 million barrels and 1.1 million barrels.

Demand was down 10.75 million barrels a day in the first half, the IEA said. Demand this year will average 92.1 million barrels, down by 7.9 million barrels over 2019.

The IEA says the oil demand will be down by 5.1 million barrels per day in the second half of the year.

According to the Agency, this year's demand will average 92.1 million barrels, down by 7.9 million barrels over 2019. The previous forecast was 8.1 million barrels. 

Demand in 2021 is expected to be 97.4 million barrels, down 2.6 million from 2019.