Oil prices slide as demand fails to recover from Covid-19 by GossipMantri.com


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By Geoffrey Smith

GossipMantri.com – Crude oil prices have faded since the start of the month as it became clear that the strong recovery in demand after a disastrous second quarter has stabilized. The Organization of the Petroleum Exporting Countries and the International Energy Agency have again downgraded their global demand forecasts in their monthly reports, with the IEA now estimating that demand will on average only exceed 91.7 million barrels per day this year – the lowest level since 2013.

Britain’s main oil company BP (NYSE đŸ™‚ even said in its latest outlook that the days of growing oil demand may be gone forever. It now sees global demand for oil peak by the middle of this decade, as the pandemic accelerates the transition to an economy increasingly dominated by remote working, digital consumption and electric mobility.

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