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There's growing consensus that oil demand won't make a comeback

4 days ago   |   By Fortune

Oil demand is in a slump and it won't recover any time soon.
In its September Oil Market Report , published Tuesday, the International Energy Agency predicted annual demand would contract by a volume equivalent to 8.4 million barrels per day, compared to 2019. That's steeper than the 8.1 million bpd slump the IEA predicted last month.
β€œIn last month's report, we said that the market was in a state of β€˜delicate re-balancing.' One month later, the outlook appears even more fragile,” the IEA said, attributing demand disruption mostly to the pandemic. Next year, the IEA expects demand to...
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