Oil demand estimates from the IEA, EIA and OPEC… Bloomberg

January 20, 2021 by Jim Colburn Leave a Comment

Julian Lee, Bloomberg, has an excellent piece today which shows how the three agencies overestimated demand throughout last year… CRG’s Andy Lebow pointed this out early on in the pandemic (that the three would not be close to making their demand estimates)…

“The IEA has now cut its forecast for 2021 oil demand by 740,000 barrels a day since July. Over the same period, OPEC has lowered its forecast by 1.8 million barrels a day, while the EIA has slashed its estimate by 2.1 million barrels (see chart below).”

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