The recovery in global oil demand looks like it’s going to be slower than expected, as a resurgence in Covid-19 cases forces the re-imposition of lockdowns. All three of the world’s main oil forecasting agencies — the International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries — have increased their assessments of demand destruction in the third quarter of 2020, even as they see the depth of the crisis in the second quarter being less bad than previously thought. In their latest monthly reports, the three agencies all saw third-quarter global oil demand falling further behind last year’s level than they did in June, as the chart above shows. The average loss compared with the same period in 2019 is now 7.5 million barrels a day, […]