Energy

IEA cuts 2020 demand outlook amid rising coronavirus cases

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Oil field workers with Wisco work on a pump jack in North Dakota, the United States, on November 6, 2013.

Ken Cedeno | Corbis News | Getty Images

LONDON — The International Energy Agency on Tuesday cut its forecast for 2020 oil demand growth, citing a “treacherous” path ahead amid weakening market sentiment and an upsurge in the number of coronavirus cases reported across the globe.

In a closely-watched monthly report, the IEA trimmed its outlook for worldwide oil demand growth to 91.7 million barrels per day. That marks a contraction of 8.4 million bpd year-on-year, more than the 8.1 million bpd contraction predicted in the Paris-based energy agency’s August report.

“We expect the…



Source cnbc.com

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