Global oil demand is set to crash by 7.9 million barrels per day (bpd) this year, the International Energy Agency (IEA) said on Friday, but this forecast is slightly more optimistic than last month’s expectation of an 8.1-million-bpd demand drop. The IEA, however, noted that the recent rise in COVID-19 cases and the reinstating of partial lockdowns in some countries continue to weigh with uncertainty on the world’s global oil demand in 2020. This year, the world is expected to consume an average of 92.1 million bpd of oil, compared to the typical demand of 100 million bpd, the IEA said in its Monthly Oil Market report. The lowered projection for demand loss is mainly attributed to the Q2 demand decline turning out to be less severe than initially expected. According to the IEA, global oil demand dropped by 16.4 million bpd in Q2 year over year, which, albeit […]

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