9/14, 10:21 AM (Source: TeleTrader)
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Vaccinations to lead to higher oil demand in Q4 - IEA

The International Energy Agency (IEA) said in its monthly report on Tuesday that the vaccination process, especially in Asian countries, could facilitate higher oil demand in the year's final quarter.

The IEA added that the global demand for oil is expected to increase by 5.2 million barrels per day this year and by another 3.2 million barrels per day in 2022.

The report pointed out that oil producers should "shift closer to balance starting from October if [the Organization of the Petroleum Exporting Countries and its allies] OPEC+ continues to unwind production cuts."

Breaking the News / BU