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Oil demand unlikely to get vaccine boost until later in 2021, says IEA

Published 12/11/2020, 10:00
© Reuters.

LONDON, Nov 12 (Reuters) - Global oil demand is unlikely to
get a significant boost from the roll-out of vaccines against
COVID-19 until well into 2021, the International Energy Agency
(IEA) said on Thursday, a view that is likely to dampen oil
price gains since vaccine progress was announced earlier this
week.
"It is far too early to know how and when vaccines will
allow normal life to resume. For now, our forecasts do not
anticipate a significant impact in the first half of 2021," the
IEA said in its monthly report.
"The poor outlook for demand and rising production in some
countries ... suggest that the current fundamentals are too weak
to offer firm support to prices."


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