IEA sees oil demand rebounding by 1.6 million bpd in October: Market wrap

iea, oil, demand, october,
Gulf
  • Date: 15-Sep-2021
  • Source: Arab News
  • Sector: Oil & Gas
  • Country: Gulf
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IEA sees oil demand rebounding by 1.6 million bpd in October: Market wrap

RIYADH: Global oil demand declined for third consecutive month due to a resurgence of COVID- 19 cases in Asia.

Adjusted estimates of the global oil demand in the third quarter of 2021 by a reduction of about 200 kb/d since last month, the monthly report of IEA issued on Tuesday showed.

The IEA sees a demand rebound of 1.6 million barrels per day in October and continued growth until the end of the year.

Overall, the agency lowered its 2021 global oil demand growth forecast by 105,000 bpd to 5.2 million bpd but raised its 2022 figure by 85,000 bpd to 3.2 million bpd.

These forecasts are below those of the Organization of the Petroleum Exporting Countries, which expects demand to grow by about 5.96 million bpd this year and 4.15 million bpd next year.

Oil prices turned negative on Tuesday after new data from the US Labor Department showed inflation cooling and the impact of tropical storm Nicholas on the energy sector began to improve.