IEA forecasts demand in 2021 will rebound by a record 5.7 million barrels a day. The coronavirus pandemic will hammer global growth and oil demand this year, but supply cuts from producers and a record rebound in demand next year will help to rebalance the oil market, the International Energy Agency said.
In its monthly oil-market report Tuesday, the IEA said that while the world’s demand for crude will drop by 8.1 million barrels a day this year—slightly less than forecast in last month’s report—demand in 2021 will rebound by a record 5.7 million barrels a day.
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