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September 16, 2020

Coronavirus company news summary – IEA trims 2020 oil demand forecast – Petrobras to trim exploration investments

By Jessica Paige

16 September

The International Energy Agency (IEA) has again reduced its 2020 oil demand forecast as Covid-19 pandemic continues to dampen demand. The agency trimmed outlook by 200,000bpd to 91.7 million bpd, reported Reuters. In the monthly report, IEA also warned that the recovery will slow down in the second half of this year. Rising Covid-19 cases in some countries, remote working programmes and struggling aviation sector are contributing factors to the weak demand, it further added.

Brazilian firm Petrobras has decided to trim its expenditures for oil exploration and production for the next four years due to the ongoing Covid-19 crisis. The company said that it will invest $40bn between 2021 and 2025 without disclosing further details. Initially, Petrobras planned to spend $64bn for the 2020-2024 period. The company is also planning to divest assets as part of its efforts to reduce debt.

Indian oil refiner Nayara Energy expects that diesel demand in the country will recover to pre-Covid-19 levels by the end of next year or early 2022. Nayara Energy vice-president Ashutosh Deshpande said this at the Platts APPEC 2020 virtual conference. He added that resumption of economic activity, good monsoon rains and upcoming festival season will support diesel demand.

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