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IEA Sees Oil Demand Suffering Long-Lasting Blow From Coronavirus

  • Global consumption seen back at pre-pandemic level in 2023
  • Demand to peak at a lower level than forecast a year ago
Royal Dutch Shell Plc's Russian Oil Lubricants Blending Plant
Photographer: Andrey Rudakov/Bloomberg

The oil market will suffer a long-lasting blow from the coronavirus, with demand taking years to recover and peaking at a lower level, the International Energy Agency said.

After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the Paris-based agency said on Tuesday.