IEA Oil Demand Forecast Slightly Raised Economic activity resumed in various countries at 6:27 on May 15
The International Energy Agency (IEA) has predicted the demand for petroleum this year as of April, as movements to resume economic activities, which had been restricted to suppress the spread of the new coronavirus, began to spread in various countries. I raised it a little more.
As for last year's global oil demand, the IEA had predicted last month that it would drop 9.3 million barrels a day, or more than 9%, compared to last year.
Since then, as countries have begun to relax restrictions on going out and economic activities faster than expected, a new forecast released on October 14 narrowed the decline to 8.6 million barrels per day.
On the other hand, the supply volume is expected to be the lowest level for the first time in nine years this month, as major oil-producing countries have begun to reduce production.
For this reason, the global crude oil market, which suffered a great deal of turmoil over the last month due to growing concerns over oversupply and a temporary drop in futures prices, is showing signs of calming recently.
However, the decline in demand compared to the previous year is expected to be the largest ever, and it remains the same.
The IEA is uncertain whether the market will stabilize as it is, and points out that the biggest challenge will be to get economic activity on track while preventing the outbreak of infection again.