Highlights Global demand fell 120,000 b/d in July on setbacks in Asia Lowers 2021 demand growth estimate, ‘call’ on OPEC Non-OPEC+ supply growth estimate lowered for 2021 The International Energy Agency said Aug. 12 the global oil demand recovery had gone into reverse in July with an estimated monthly fall of 120,000 b/d due to the COVID-19 pandemic resurgence in China, Indonesia and elsewhere in Asia. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now In its latest monthly oil market report, the agency lowered its estimate of 2021 demand growth from 5.4 million b/d to 5.3 million b/d, while raising its 2022 growth estimate from 3.0 million b/d to 3.2 million b/d. A July 18 agreement among the OPEC+ nations is also easing supply fears and could lead to oversupply by Q1 2022 if maintained, the IEA said, adding “It looks unlikely that […]