The roll-out of vaccines this month to combat the coronavirus pandemic will not quickly reverse the destruction wrought on global oil demand, International Energy Agency (IEA) warned

The Paris-based watchdog revised down its estimates for oil demand this year by 50,000 barrels per day (bpd) and for next year by 170,000 bpd, citing scarce jet fuel use as fewer people travel by air

Renewed lockdown measures in Europe aimed at containing a rise in COVID-19 cases appear set to push the outlook for global oil demand toward the downside, an official with the International Energy Agency said

A slow economic recovery from the pandemic threatens to delay a full rebound in world energy demand to 2025, the International Energy Agency said

The Paris-based IEA cut its 2020 outlook by 200,000 barrels per day (bpd) to 91.7 million bpd in its second downgrade in as many months

Keisuke Sadamori, IEA director for energy markets and security, assured that the outlook for oil was in the midst of either a second wave or a steady first wave of the coronavirus

The IEA cut its 2020 oil demand forecast, warning that reduced air travel due to the coronavirus pandemic would lower global oil demand this year by 8.1 million barrels per day

The Paris-based IEA raised its forecast to 92.1 million barrels per day, up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline

Oil demand is recovering from the greatest fall in its history in 2020, IEA said, but less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022

The energy industry is set to suffer a record drop in investment due to the coronavirus fallout, the IEA said, and while renewables are likely to fare better than oil, any swift economic recovery could create a global fuel crunch