IEA: COVID-19 Worst Impact on Oil Market Has Passed

The worst effects of the coronavirus pandemic on global oil demand may have passed, according to a report by the International Energy Agency (IEA) on Friday, the Wall Street Journal reported.

However, the crisis will continue to leave its toll as markets slowly recover during the second half (H2) of 2020.

The IEA monthly report explained that global oil demand in H1 of 2020 declined by 11% or 10.75 million barrels per day.

The IEA expects demand to decrease by 5.1 million barrels per day in H2 of 2020.

“The large, and in some countries, accelerating number of COVID-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,” noted the IEA report.