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

International Energy Agency (IEA) Executive Director Fatih Birol said that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand

The Organization of the Petroleum Exporting Countries stated that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have decimated demand

Global oil demand will fall by a record amount this year as lockdown measures imposed to curb the coronavirus outbreak bring the economy to a virtual halt, the International Energy Agency stated

The International Energy Agency (IEA), the energy watchdog for the world’s most industrialised nations, may announce purchases of up to several million barrels to buoy the deal