This year’s oil demand ‘appreciably downgraded’ due to impact of delta variant, says IEA

The rapidly-spreading coronavirus Delta variant and its impact on the global economy mean the world will consume less oil

this year than previously thought, the International Energy Agency said Thursday.

In its closely-watched monthly market report, the Paris-based organization said that the worsening of the pandemic, as well as revisions to historical data, mean its global oil demand outlook has been “appreciably downgraded,” with some of this year’s forecast recovery shifted to 2022.

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