IEA sees largest drop of oil demand in history this year, before biggest-ever one-year jump in 2021

IEA sees largest drop of oil demand in history this year, before biggest-ever one-year jump in 2021

"In sporting terms, the 2020 oil market is now close to the half time mark," the IEA said.. The IEA said oil demand in the second quarter, which saw the greatest impact from lockdown measures, was 17.8 million barrels per day lower when compared to the same period last year.. In its closely-watched oil market report, the Paris-based energy agency said on Tuesday that demand was expected to fall by 8.1 million barrels per day in 2020, before growing by 5.7 million barrels per day in 2021.. The IEA said that next year oil consumption would remain 2.4 million barrels per day lower than 2019 levels, "mostly because of the ongoing weakness in jet and kerosene demand.".