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4/14, 10:06 AM (Source: TeleTrader)
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IEA sees oil demand rising by 5.7M bpd in 2021

The International Energy Agency (IEA) said in its monthly report on Wednesday that it expects oil demand to rise by 5.7 million barrels per day compared to 2020 and reach 96.7 million bpd.

The agency noted that it revised its forecast upward by 230,000 bpd as a result of "better economic forecasts and robust prompt indicators," but warned that oil market recovery remains "fragile" due to new surges in COVID-19 cases in some parts of the world.

According to the IEA, global oil supply climbed by 1.7 million bpd in March to reach 92.9 million bpd after United States production bounced back following shutdowns over severe winter weather. The agency added that oil prices could "come under renewed pressure in the coming months with world oil supply set to ramp up and shift the market from deficit towards balance."

Breaking the News / NP