The Paris-based IEA, which predicts that lost oil demand in Europe will be at 3.3MM b/d in 2Q, sees this number easing to 1.3MM b/d in 3Q and 570K b/d in 4Q. Countries in the region are beginning to see the end of the demand destruction as travel restrictions are relaxing. A spokesperson from French oil major Total reports that the country's transportation fuel demand was 10-15% lower on the year at the start of June, compared to a year-on-year decline of 70-85% during the strictest portion of France's lockdown to control the coronavirus.
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