IEA: Jet Fuel Will Continue Be A Drag On Oil Demand Recovery

Continued low demand for jet fuel will account for 80 percent of next year’s 3.1-million-bpd gap in oil demand compared to pre-pandemic levels, the International Energy Agency (IEA) said on Tuesday. In its closely watched monthly Oil Market Report, the agency revised down its 2021 oil demand outlook by 170,000 bpd compared to last month’s expectations, largely due to another downgrade in estimates of jet fuel demand next year. Oil demand this year is estimated at 91.2 million bpd, which is 8.8 million bpd below the 2019 level and down…