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IEA: Rising COVID-19 cases add uncertainty to demand outlook
Oil & Gas Journal: Global oil demand will average 92.1 million b/d in 2020, down by 7.9 million b/d versus 2019, the US International Energy Agency (IEA) forecast in its July Oil Market Report—a slightly smaller decline than forecast in the last report. Meantime, the agency highlighted uncertainty about the forward path for global oil demand due to the re-imposition of social distancing measures due to COVID-19 spread in key regions.
“While the oil market has undoubtedly made progress since ‘Black April’, the large, and in some countries, accelerating number of OVID-19 cases is a disturbing reminder that the pandemic is not under control and the risk to our market outlook is almost certainly to the downside,” IEA said.
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