Oil demand unlikely to have peaked, says IEA head – The National

Oil demand unlikely to have peaked, says IEA head – The National

Demand could climb back above 100m bpd on the back of a strong recovery and no change in policies over use

















Demand for crude in 2020 is set to drop by 8.1 million barrels per day - the steepest decline in history. Reuters

















July 6, 2020



July 6, 2020













Oil demand may not yet have peaked, despite international oil companies writing down the value of hydrocarbon assets amid a bearish environment for the industry, according to the executive director of the International Energy Agency.



The coronavirus pandemic, which led to widespread movement restrictions across the world has curtailed oil demand growth this year, leading to some observers arguing that peak demand had been reached at last year's average of 100 million barrels per day.



Peak demand refers to a scenario where consumption reaches an all-time high before first plateauing, and eventually declining.





"If the global oil demand goes back to 100m bpd, I wouldn't be surprised. If there's a strong economic recovery and no government policies to replace the oil use, we may well see that we go back to