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The International Energy Agency (IEA) said Thursday that global oil demand is unlikely to get a significant boost until 2021, a view that could dampen the rise
in oil prices since the vaccine was developed.
In its monthly report, the IEA said: "It is too early
to know when vaccines will be available and when they will return to normal.
For now, our forecast is not yet expected to have a significant impact
in the first half of 2021.
”
"Poor demand prospects and rising production in some countries.
.
.
Indicates that the current fundamentals are too weak to provide firm support
for the price.
”
The IEA noted that OECD countries had modestly reduced crude oil inventories for two consecutive months until September, but storage levels were still not far
from the peak in May at the peak of the pandemic.
The IEA has cut its global oil demand outlook by 400,000 bpd
for 2020, citing renewed Covid-19 infections in Europe and the United States and new lockdown measures.
Allies such as the Organization of the Petroleum Exporting Countries (OPEC) and Russia plan to cut production from January, which means there will be large oil reserves
.
"Unless fundamentals change, the task of rebalancing the market will move slowly
," the IEA said.
”
The International Energy Agency (IEA) said Thursday that global oil demand is unlikely to get a significant boost until 2021, a view that could dampen the rise
in oil prices since the vaccine was developed.
In its monthly report, the IEA said: "It is too early
to know when vaccines will be available and when they will return to normal.
For now, our forecast is not yet expected to have a significant impact
in the first half of 2021.
”
"Poor demand prospects and rising production in some countries.
.
.
Indicates that the current fundamentals are too weak to provide firm support
for the price.
”
The IEA noted that OECD countries had modestly reduced crude oil inventories for two consecutive months until September, but storage levels were still not far
from the peak in May at the peak of the pandemic.
The IEA has cut its global oil demand outlook by 400,000 bpd
for 2020, citing renewed Covid-19 infections in Europe and the United States and new lockdown measures.
Allies such as the Organization of the Petroleum Exporting Countries (OPEC) and Russia plan to cut production from January, which means there will be large oil reserves
.
"Unless fundamentals change, the task of rebalancing the market will move slowly
," the IEA said.
”
