IEA sees largest drop of demand in history this year

IEA sees largest drop of demand in history this year

An Indian Oil Petrol Pump employee is seen wearing a face shield, as he fuels a customer's vehicle in an open Petrol Retail Outlet of Kolkata during

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An Indian Oil Petrol Pump employee is seen wearing a face shield, as he fuels a customer’s vehicle in an open Petrol Retail Outlet of Kolkata during the Covid-19 pandemic.

Avishek Das | SOPA Images | LightRocket via Getty Images

The International Energy Agency said on Tuesday that it expects the fall in oil demand this year to be the largest in history, but believes there are signs the market could reach “a more stable footing” over the coming months.

International benchmark Brent crude futures traded at $39.97 on Tuesday morning, up around 0.6%, while U.S. West Texas Intermediate futures stood at $37.22, around 0.3% higher.

Oil prices have tumbled around 40% year-to-date, as lockdown measures designed to slow the spread of the coronavirus created an unparalleled demand shock in energy markets.

The IEA said oil demand in the second quarter, which saw the greatest impact from lockdown measures, was 17.8 million barrels per day lower when compared to the same period last year. That level of demand reduction was slightly less than the group had previously expected, although still unprecedented.

In its closely-watched oil market report, the Paris-based energy…



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