Oil demand set for first contraction since 2009 due to coronavirus – IEA – ZAWYA

Oil demand set for first contraction since 2009 due to coronavirus – IEA – ZAWYA

Oil demand set for first contraction since 2009 due to coronavirus - IEA. Following the 2020 demand shock the IEA expects oil consumption to bounce back strongly and rise by 2.1 million bpd in 2021.. After that, growth is set to decelerate and rise by only 800,000 bpd by 2025 due to slower growth in transport fuels demand as governments implement policies to improve car engine efficiencies and cut greenhouse gas emissions.. While oil demand is set to gyrate sharply, the IEA kept its forecast for global oil supplies largely unchanged, with production capacity set to grow by 5.9 million bpd by 2025, marginally outpacing demand..