IEA revises oil demand forecasts

By Lucas Ajanaku

Oil demand in the year will decline by 8.4 million barrels per day (mbpd), according to the International Energy Agency’s (IEA’s) latest oil market report.

The figure marks a slight increase from the 8.1mbpd drop forecasted in the IEA’s previous report, which was released in August. In its September report, the organisation noted that a resurgence of Covid-19 cases in many…



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