# IEA Cuts Oil Demand Forecast On More Fragile Outlook | OilPrice.com

> The IEA cut its 2020 global oil demand forecast for a second consecutive month, now seeing a fall of 8.4 million bpd. The agency cited resurging COVID-19 cases, local lockdowns and continued work-from-home arrangements. It also noted that sentiment had weakened and that Chinese crude buying had slowed sharply.

- Date: 2020-09-15 · published 2020-09-15T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/51282-iea-cuts-oil-demand-forecast-on-more-fragile-outlook-oilprice-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A weaker demand outlook points to ample crude and refined fuel supply, which pressures diesel and energy input prices. Lower energy costs can reduce feed transport and processing expenses.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-01-19 | [IEA cuts 2021 oil demand outlook as new Covid-19 lockdowns weigh on fuel sales - CNBC Africa](https://feedsoft.ai/events/49318-iea-cuts-2021-oil-demand-outlook-as-new-covid-19-lockdowns-weigh-on-fuel-sales.md) | +0.9% | +14.9% |
| WTI | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +2.5% | +1.8% |
| 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 | 2024-08-12 | [OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike \| Reuters](https://feedsoft.ai/events/28695-opec-cuts-oil-demand-growth-forecast-highlighting-dilemma-over-oct-hike-reuters.md) | -0.3% | -10.9% |
| 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% |
| BRENT | 2021-01-19 | [IEA cuts 2021 oil demand outlook as new Covid-19 lockdowns weigh on fuel sales - CNBC Africa](https://feedsoft.ai/events/49318-iea-cuts-2021-oil-demand-outlook-as-new-covid-19-lockdowns-weigh-on-fuel-sales.md) | +1.8% | +15.3% |
| BRENT | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +3.0% | -1.0% |
| 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

- oilprice.com: https://oilprice.com/Latest-Energy-News/World-News/IEA-Cuts-Oil-Demand-Forecast-On-More-Fragile-Outlook.html

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