"We expect the recovery in oil demand to decelerate markedly in the second half of 2020, with most of the easy gains already achieved," the IEA said in its monthly report.
The IEA's demand revision aligns with forecasts from major oil industry producers and traders. Opec downgraded its oil demand forecast and BP said demand might have peaked in 2019. Still, a meeting of the Opec+ joint ministerial committee on Thursday is not expected to make recommendations for deeper output cuts, but focus rather on compliance and compensation mechanisms for its current cuts, sources told Reuters.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: