UPDATE 2-IEA lowers 2020 oil demand forecast citing dismal aviation sector

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By Noah Browning
LONDON, Aug 13 (Reuters) - The International Energy Agency
(IEA) cut its 2020 oil demand forecast on Thursday, warning that
reduced air travel due to the coronavirus pandemic would lower
global oil demand this year by 8.1 million barrels per day
(bpd).
The Paris-based IEA slashed its 2020 outlook by 140,000 bpd
to 91.9 million bpd, its first downgrade in several months.
"Jet fuel demand remains the major source of weakness," the
IEA said in its monthly report.
"In April the number of aviation kilometres travelled was
nearly 80% down on last year and in July the deficit was still
67% ... The aviation and road transport sectors, both essential
components of oil consumption, are continuing to struggle."
Damage to demand wrought by less cross-border travel was
mitigated somewhat by recovery in industry and e-commerce that
was supporting trucking, but the IEA still predicted 2021 oil
consumption would be slightly lower than in 2019.
Data cited by the IEA indicated that mobility in many
regions had reached a plateau but was increasing in Europe,
though a rise in COVID-19 cases caused the agency to cut demand
estimates for gasoline.
The agency said that while supply exceeded demand in June,
uncertainty over future demand along with increased output by
top producers means re-balancing oil markets will be "delicate".
Oil production was recovering in the United States, Canada
and Brazil at the same time producers from the Organization of
the Petroleum Exporting Countries and allies such as Russia, a
group dubbed OPEC+, were easing their output cuts, the IEA said.
"However, if countries that have not hitherto complied with
their quotas cut back by enough to bring them into compliance,
global oil supply would not necessarily increase significantly,"
the IEA added, citing the United Arab Emirates and Iraq.

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Global Oil Supply https://tmsnrt.rs/3iCYGzP
World jet/kerosene demand https://tmsnrt.rs/3gSfG4N
Demand/supply balance https://tmsnrt.rs/3aptIIv
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