monthly Brent spot prices will average $43/b during the second half of 2020 and rise to an average of $50/b in 2021.

The last time India witnessed negative growth in oil demand was in 2001 when consumption had fallen marginally from 2000 levels.

In 2021, oil demand is forecast to partially recover from the current year to show historic high growth of 7.0 mb/d.

The key Joint Ministerial Monitoring Committee, co-chaired by Saudi Arabia and Russia, the two largest members of the coalition, will convene online July 15 and make a final recommendation.

Gas consumption in Q1 fell by more than 20% year on year in a number of EU countries, including Romania, Latvia, Finland and Slovakia.

World oil demand is projected to decrease by 9.1 mb/d in 2020, unchanged from the previous month’s assessment. The COVID-19 pandemic has negatively affected global economic activities, eliminating global oil demand growth potential and leading to a y-o-y decline of 6.4 mb/d in 1Q20 and by 17.3 mb/d y-o-y in 2Q20.

Oil demand in 2020 is expected to fall by 8.1 mb/d, the largest in history, before recovering by 5.7 mb/d in 2021.

The recent rebound in domestic oil and gas consumption may be difficult to sustain over the rest of the year, as recent data for the China's economy suggests an uneven and difficult road to recovery that could weigh on energy demand.

India's oil demand is reaching 60% to 70% of normal

Global gas demand to total close to 3,878 billion cubic meters (Bcm) in 2020, down from 3,951 Bcm last year. In its pre-Covid-19 estimates, this year’s natural gas demand was expected to grow to 4,038 Bcm.