IEA Cuts 2020 Global Demand Forecast

The International Energy Agency said that it is unlikely that global oil demand will receive a big boost from the distribution of vaccines to prevent infection with Covid-19 before late 2021, in a view that is likely to dampen the oil price gains made since the announcement of progress on a vaccine for the virus in Earlier this week.

The IEA said world oil demand growth will rise by 5.8 million barrels per day, representing an upward revision of 0.3 million barrels from last month.