IEA cuts oil demand forecast in 2020

On Tuesday (15), the International Energy Agency (IEA) reported a reduction in its forecast for the growth of oil demand in 2020. The reduction is due to the increase in the number of cases of Covid-19 worldwide, responsible for a weakening in the market. Expectations of demand growth fell to 91.7 million barrels per day (bpd).

In the first half of 2020, oil prices fell 65%, and in April reached their worst stage, when WTI futures contracts came to trade at negative values. There was a recovery in the market and oil was about 35% devaluation, but now the IEA analyzes that the road to recovery is tortuous.

Despite this, on Tuesday morning (15), oil operates on a high.


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