Paris, Apr 14 (UNI) The International Energy Agency (IEA) in a report on Wednesday upgraded the forecast for oil demand growth by 230,000 barrels a day to 5.7 million barrels a day (mbd), but noted that the post-COVID recovery remained fragile.
Last month, the IEA also upgraded the forecast for world oil demand growth in 2021 by 0.1 mbd to 5.5 mbd.
"Our 2021 demand forecast now stands at 96.7 mb/d, an increase of 5.7 mb/d versus 2020 and roughly 200 kb/d higher than in last month’s Report. We have revised down our 1Q21 oil demand forecast by 200 kb/d to account for the deteriorating epidemic in Europe, but we have revised up our estimates for 2Q21 (+180 kb/d), 3Q21 (+520 kb/d) and 4Q21 (+325 kb/d)," the agency’s monthly Oil Market Report read.