Mid-Week Review – October 14, 2020
IEA forecasts a serious, ongoing oil demand hit from Covid-19
After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the Paris-based agency said on Tuesday. Even in that case, which is the most optimistic scenario for oil considered by the IEA, the pandemic has an enduring impact. The IEA reinforced its view that global oil demand will plateau around 2030, topping out at lower levels than forecast last year. Click here to read more from World Oil.
Oil rises nearly 2% as robust China trade data offsets returning supply
Oil prices rebounded on Tuesday, supported by robust economic data from China that offset returning supply in other regions but gains were capped by forecasts for a slow recovery in global oil demand as coronavirus cases rise. Click here to read more from Reuters.
OPEC cuts 2021 oil demand forecast again as virus cases rise
World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said on Tuesday, adding to headwinds faced by the group and its allies in balancing the market. Click here to read more from Reuters.
Saudi prince and Putin urge OPEC+ compliance as oil prices sag
Saudi Arabia’s de facto leader, Crown Prince Mohammed Bin Salman, and Russian President Vladimir Putin urged other OPEC+ oil producers to stick with agreed production cuts, as energy prices come under renewed pressure from an acceleration in coronavirus cases. Click here to read more from Bloomberg.
This article is part of Daily Market News & Insights
Tagged: coronavirus, demand, opec, Russia
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