Weekly Comic: Oil Prices Slide as Demand Fails to Recover From Covid-19

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By Geoffrey Smith 

Investing.com — Crude oil prices have swooned since the start of the month as it has become clear that the sharp rebound in demand from a disastrous second quarter is flattening out. Both the Organization of Petroleum Exporting Countries and the International Energy Agency have again revised down their forecasts for global demand in their monthly reports, with the IEA now estimating that demand will average only 91.7 million barrels a day this year – the lowest level since 2013.

British oil major BP (NYSE:) has even said in its latest outlook that the days of oil demand growth may be gone forever. It now sees global oil demand peaking as early as 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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