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IEA Cuts Oil-Demand Forecasts as Air Travel Outlook Darkens

  • Second-half demand estimate cut by 500,000 barrels a day
  • Market should still tighten as OPEC+ keeps supplies restrained

The International Energy Agency cut forecasts for global oil demand as air travel suffers from the coronavirus crisis even more than previously expected.

The IEA reduced estimates for almost every quarter through to the end of 2021, with the second half of this year taking the steepest downgrades. Air travel remained two-thirds lower than last year in July, normally a peak month because of holiday flying, it said in a monthly report.