5/12, 10:26 AM (Source: TeleTrader)
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IEA: Global oil demand to outpace supply

The International Energy Agency (IEA) said on Wednesday that global oil demand will outpace supply from the world's largest producers as recovery from the coronavirus pandemic gains momentum.

In its May oil market report, the IEA also cut its 2021 global crude demand growth forecast by 270,000 barrels per day to 5.4 million bpd. "The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter," the IEA said. However, the agency warned that situations like India's COVID-19 crisis are reminders that the outlook for oil demand is "mired in uncertainty."

"Until the pandemic is brought under control, market volatility is likely to persist," the IEA concluded.

Breaking the News / JC