Spread of Covid knocks oil demand

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News Desk

Rising demand for oil abruptly reversed course in July and is set to proceed more slowly for the rest of the year due to the spread of the Covid-19 Delta variant, the International Energy Agency has said.

“Growth for the second half of 2021 has been downgraded more sharply, as new Covid-19 restrictions imposed in several major oil consuming countries, particularly in Asia, look set to reduce mobility and oil use,” Reuters quotes the Paris-based IEA as saying.

“We now estimate that demand fell in July as the rapid spread of the Covid-19 Delta variant undermined deliveries in China, Indonesia and other parts of Asia,” it said in its monthly oil report.

 

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