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IEA says oil producers may struggle to gauge demand amid second wave

Published 14/10/2020, 09:00
© Reuters.

LONDON, Oct 14 (Reuters) - Global oil stocks which rose
during the height of the pandemic are being steadily reduced,
the International Energy Agency (IEA) said on Wednesday, but a
second wave is slowing demand and will complicate efforts by
producers to balance the market.
OPEC members and allies including Russia plan to boost
supply by 2 million barrels per day (bpd) from January and the
IEA predicts a ceasefire in Libya will raise output there to
700,000 bpd in December from 300,000 bpd currently.
"There is only limited headroom for the market to absorb
extra supply in the next few months," the IEA said in its
monthly report. "Those wishing to bring about a tighter oil
market are looking at a moving target."



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