Rising COVID-19 cases, partial lockdowns add uncertainty to oil demand forecast – IEA – ZAWYA

Rising COVID-19 cases, partial lockdowns add uncertainty to oil demand forecast – IEA – ZAWYA

Rising COVID-19 cases, partial lockdowns add uncertainty to oil demand forecast - IEA | ZAWYA MENA Edition HomeBusinessEnergyArticleRising COVID-19 cases, partial lockdowns add uncertainty to oil demand forecast - IEA Global oil production fell sharply in June to stand 13.7 mb/d below the April level    Oil production in Azerbaijan. Image used for illustrative purpose. International Energy Association (IEA) increased its global oil demand outlook for 2020 at an average of 92.1 million barrels per day (mb/d), an increase of 400,000 bpd from its outlook last month but down by 7.9 mb/d versus 2019.  The recent increase in Covid-19 cases and the introduction of partial lockdowns introduced more uncertainty to the forecast, It said in its monthly Oil Market Report (OMR).Oil prices climbed more than 2 percent at $43.24 a barrel on Friday after IEA bumped up its 2020 demand forecast."While the oil market has undoubtedly made progress since 'Black April', the large, and in some countries, accelerating number of Covid-19 cases is a disturbing reminder that the pandemic is not under control and the risk to our market outlook is almost certainly to the downside," the Paris-based organisation said in its report.Oil prices climbed more than 2 percent at