# IEA cuts 2021 oil demand outlook as new Covid-19 lockdowns weigh on fuel sales - CNBC Africa

> The International Energy Agency cut its 2021 global oil demand forecast, now expecting demand to recover by 5.5 million b/d to 96.6 million b/d. The downgrade reflects renewed Covid-19 lockdowns in Europe and parts of China.

- Date: 2021-01-19 · published 2021-01-19T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/49318-iea-cuts-2021-oil-demand-outlook-as-new-covid-19-lockdowns-weigh-on-fuel-sales
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Weaker expected fuel demand is bearish for crude and diesel prices, which lowers transport and processing costs. The lockdowns also weigh on broader demand for animal protein and feed.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-07-21 | [Oil retreats on surprise rise in U.S. stocks, weakening demand outlook \| CNBC Africa](https://feedsoft.ai/events/6362-oil-retreats-on-surprise-rise-in-u-s-stocks-weakening-demand-outlook-cnbc-africa.md) | +6.4% | -1.2% |
| WTI | 2020-09-15 | [IEA Cuts Oil Demand Forecast On More Fragile Outlook \| OilPrice.com](https://feedsoft.ai/events/51282-iea-cuts-oil-demand-forecast-on-more-fragile-outlook-oilprice-com.md) | +5.5% | +5.5% |
| WTI | 2022-11-14 | [OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg](https://feedsoft.ai/events/38586-opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production-bloomberg.md) | -10.1% | -18.0% |
| WTI | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +3.4% | -2.3% |
| WTI | 2016-11-11 | [TSX, loonie sink as IEA data suggests oil glut will last through 2017 \| CBC News](https://feedsoft.ai/events/74059-tsx-loonie-sink-as-iea-data-suggests-oil-glut-will-last-through-2017-cbc-news.md) | +1.7% | +15.4% |
| BRENT | 2021-07-21 | [Oil retreats on surprise rise in U.S. stocks, weakening demand outlook \| CNBC Africa](https://feedsoft.ai/events/6362-oil-retreats-on-surprise-rise-in-u-s-stocks-weakening-demand-outlook-cnbc-africa.md) | +7.2% | -0.7% |
| BRENT | 2020-09-15 | [IEA Cuts Oil Demand Forecast On More Fragile Outlook \| OilPrice.com](https://feedsoft.ai/events/51282-iea-cuts-oil-demand-forecast-on-more-fragile-outlook-oilprice-com.md) | +4.6% | +5.2% |
| BRENT | 2022-11-14 | [OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg](https://feedsoft.ai/events/38586-opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production-bloomberg.md) | -8.2% | -20.7% |

## Sources

- cnbcafrica.com: https://www.cnbcafrica.com/2021/iea-cuts-2021-oil-demand-outlook-as-new-covid-19-lockdowns-weigh-on-fuel-sales/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.