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Tuesday, 15 December 2020
IEA Sees Crude Glut Enduring to End-2021 Amid Demand Strains - Bloomberg
The crude-oil glut left behind by the pandemic will clear by the end of next year, as markets face a gradual recovery marked by renewed strains on demand, the International Energy Agency said.
“Demand is clearly going to be lower for longer than expected” when the virus emerged in the spring, the agency said in a report, trimming forecasts for world fuel consumption following a new wave of lockdowns. “The market remains fragile,” it warned.
In Europe, a tentative recovery is reversing, with fuel consumption down this quarter amid a surge of Covid-19 infections and measures to control the spread of the virus.
Still, as the world economy picks up again and the OPEC+ coalition keeps a tight rein on supplies, the IEA expects that bloated crude inventories will subside in the coming 12 months. Oil prices are already reflecting some of that optimism, having reached a nine-month high above $51 a barrel in London last week.
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