UPDATE 1-Oil market rebalancing will soon set stage for more OPEC+ supply -IEA

Published 11/02/2021, 10:00
© Reuters.

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.