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IEA lowers forecast for oil demand growth in 2021 by 170,000 bpd to 5.7 mln bpd

The agency attributes the revision of the forecast to a sharp drop in jet fuel consumption

MOSCOW, December 15. /TASS/. The International Energy Agency (IEA) has lowered its forecast for the growth of global oil demand in 2021 by 170,000 barrels per day to 5.7 million barrels per day, according to the agency’s December report received by TASS.

The agency attributes the revision of the forecast to a sharp drop in jet fuel consumption. "This is mainly because of another downgrade for jet fuel/kerosene demand, which will account for around 80% of the overall 3.1 mb/d shortfall in consumption in 2021 versus 2019," the agency said.

However, in 2021, demand for both gasoline and diesel is projected to return to 97-99% of their 2019 levels, the agency said. The IAE also lowered forecast for oil demand by 50,000 barrels per day to 8.8 mln barrels per day.