The International Energy Agency expects crude oil demand this year to be 8.1 million bpd lower than it was in 2019, a downward demand forecast revision of 140,000 bpd, the authority said in its latest Oil Market Report. “Global oil demand is expected to be 91.9 mb/d in 2020, down 8.1 mb/d y-o-y. In this Report, we reduce our 2020 forecast by 140 kb/d, the first downgrade in several months, reflecting the stalling of mobility as the number of Covid-19 cases remains high, and weakness in the aviation sector,” the IEA said. A day earlier, OPEC also had bad news for the oil industry, admitting that demand this year would be weaker than it expected previously. It was, in fact, even more pessimistic than the IEA, estimating demand loss for the year at 9.1 million bpd. In its closely watched Monthly Oil Market Report published on Wednesday, OPEC now […]