Illustration: Eniola Odetunde/Axios

The International Energy Agency has again lowered its projected global oil demand estimates, "reflecting the stalling of mobility as the number of COVID-19 cases remains high."

Why it matters: The agency's analysis Thursday is the first time in several months that IEA deepened its projection of the extent of the pandemic-driven demand collapse.

  • Its latest monthly report underscores how COVID-19 continues to weigh heavily on the oil sector despite some recovery in consumption and prices from the depths of the crisis.

By the numbers: IEA now sees demand at 91.9 million barrels per day (bpd) this year, down 8.1 million bpd from last year's levels, which is 140,000 bpd lower than its prior report.

  • The report also reduces expectations for the amount of recovery next year. IEA sees oil demand rebounding to 97.1 million bpd next year, which is also lower than its prior outlook.

What they're saying: "Jet fuel demand remains the major source of weakness," the Paris-based agency said.

  • "For road transport fuels, demand in the first half of 2020 was slightly stronger than anticipated, but for the second half we remain cautious and the upsurge in Covid-19 cases has seen us downgrade our estimates, mainly for gasoline," the report states.

Go deeper

Ben Geman, author of Generate
Sep 9, 2020 - Energy & Environment

Energy analysts look decades ahead amid industry chaos

Illustration: Aïda Amer/Axios

Modeling the long-term future of global energy sources and demand was a fraught and dicey thing even before the once-in-a-lifetime pandemic, but we're about to see a bunch of analysts take their best swings.

Driving the news: Next week BP will unveil the big annual look-ahead to 2050, while next month will bring midcentury outlooks from the International Energy Agency and the Energy Information Administration.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 30,873,714 — Total deaths: 958,383— Total recoveries: 21,103,559Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 6,788,343 — Total deaths: 199,421 — Total recoveries: 2,577,446 — Total tests: 94,211,463Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure
  4. Education: What we overlooked in the switch to remote learning
  5. Health: The dwindling chances of eliminating COVID-19.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.

Biden to Senate GOP after RBG passing: "Please follow your conscience"

Joe Biden made a direct appeal to Senate Republicans in a speech addressing the passing of Supreme Court Justice Ruth Bader Ginsburg, urging them to "cool the flames that have been engulfing our country" by waiting to confirm her replacement until after the election.

The state of play: Senate Majority Leader Mitch McConnell said soon after the news of Ginsburg's death that President Trump's nominee would get a vote on the Senate floor.