IEA cuts oil-demand forecasts as air travel outlook darkens

The International Energy Agency cut forecasts for global oil demand as air travel suffers from the coronavirus crisis even more than previously expected.

Photo: Ezequiel Becerra/AFP/Ritzau Scanpix

BY GRANT SMITH, BLOOMBERG NEWS

The International Energy Agency reduced estimates for almost every quarter through to the end of 2021, with the second half of this year taking the steepest downgrades. Air travel remained two-thirds lower than last year in July, normally a peak month because of holiday flying, it said in a monthly report.

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IEA eyes better times for global oil industry
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