By Noah Browning
LONDON, Feb 11 (Reuters) - Global oil supply still outstrips
demand due to persistent COVID-19 lockdowns and the spread of
variants, the International Energy Agency (IEA) said on
Thursday, but vaccines should help demand recover and soon
enable producers to pump more.
"With demand forecast to rise strongly and still modest
growth in non-OPEC supply expected, a rapid stock draw is
anticipated during the second half of the year."
"That sets the stage for OPEC+ to start unwinding cuts."
The Paris-based energy watchdog kept its outlook for oil
demand growth in 2021 largely steady, saying a decline in the
first quarter of this year from already low levels in the last
quarter of 2020 would soon reverse.
"The forecasts for economic and oil demand growth are highly
dependent on progress in distributing and administering
vaccines, and the easing of travel restrictions in the world's
major economies," it said.