IEA cuts global oil demand growth forecast for 2021

The International Energy Agency (IEA) cut its 2021 global oil demand growth forecast by nearly 100,000 barrels a day (bpd), while upgrading its 2022 forecast by 200,000 bpd.

High demand levels reversed course in July 2021 and are forecast to maintain downtrend until year-end on the rapidly spreading coronavirus Delta variant, IEA said in its monthly report.

The IEA also cut its global oil demand growth forecast by nearly 550,000 bpd for H2 2021.

The Paris-based organization expected to return to pre-pandemic highs in the second half of the next year.

According to the report, oil stockpiles of the Organization for Economic Cooperation and Development’s (OECD) member countries dropped by 50.3 million barrels in June to 2.882 billion barrels.

Also, non-OPEC output surged by 1.7 million bpd in July to 96.7 million bpd.

The IEA warned that OPEC+ production hi