EIA revises global growth estimates down… EIA

Here is the EIA on their global demand estimates for 2020:

”the U.S. Energy Information Administration (EIA) forecasts that global liquid fuels demand will average 101.7 million barrels per day (b/d) in 2020, 1.0 million b/d more than the 2019 average. This latest estimate of 2020 global liquid fuels demand is 378,000 b/d less than was forecast in the January 2020 STEO (Figure 1).”

“EIA estimates that COVID-19 will reduce China’s total petroleum and liquid fuels demand by an average of 190,000 b/d in 2020. This forecast is based on estimates of three separate components (Figure 2):

• The reduction in demand for petroleum and liquid fuels caused by the general decline in Chinese economic activity as measured by gross domestic product (GDP);
• The volume of foregone jet fuel consumption in China caused by flight cancellations; and
• The additional impact on China’s demand for other transportation fuels.”