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UPDATE 1-IEA still sees record 2020 oil demand fall but easing lockdowns helping

Published 14/05/2020, 09:07
© Reuters.

(Adds detail, paragraphs 6-8)
LONDON, May 14 (Reuters) - Oil demand is still set for a
record fall in 2020, the International Energy Agency (IEA) said
on Thursday, but it trimmed its forecast for the drop citing
easing lockdown measures.
Demand is expected to fall by 8.6 million barrels per day
(bpd), the IEA said in its monthly report, trimming its estimate
by 690,000 bpd.
Around 2.8 billion people will be living under confinement
measures aimed at containing the coronavirus at the end of May,
down from 4 billion in April, the Paris-based IEA said.
In trimming its forecast it also cited
stronger-than-expected mobility in some European countries and
the United States as well as higher Chinese demand as it
recovers from the virus outbreak.
"Economic activity is beginning a gradual-but-fragile
recovery. However, major uncertainties remain. The biggest is
whether governments can ease the lockdown measures without
sparking a resurgence of COVID-19 outbreaks," it said.
Led by the United States and Canada, producers outside the
so-called OPEC+ grouping saw a fall in April output by 3 million
bpd compared to the start of the year.
The IEA predicted that by the end of 2020, the United States
would be the biggest single contributor to supply reductions,
down 2.8 million bpd year on year.
"It is on the supply side where market forces have
demonstrated their power and shown that the pain of lower prices
affects all producers," the IEA said.


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