IEA cuts outlook for world oil consumption as Covid restrictions persist
International Energy Agency says oil market recovery remains fragile amid lockdowns, mobility restrictions and rather slow vaccine rollouts
11 February 2021 - 16:58
The rebalancing of global oil markets remains fragile amid weaker estimates for demand and a recovery in supplies, the International Energy Agency (IEA) said on Thursday.
The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted projections for supplies outside the Opec cartel by 400,000 barrels a day as a price recovery spurs investment...
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