We’re all pinning our hopes on vaccines to free us to meet friends and family, travel and return to something like our normal lives. Oil market forecasters, too, are finally getting a little more optimistic about the recovery in demand that should accompany that return. But a closer look shows we’re just not there yet.
In their latest monthly reports, the International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all raised their oil demand estimates for 2021. It’s the first time since they began publishing such forecasts that they’ve all been more optimistic than they were a month earlier.
In their latest monthly reports, the International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all raised their oil demand estimates for 2021. It’s the first time since they began publishing such forecasts that they’ve all been more optimistic than they were a month earlier.
As you look a little deeper into the forecasts, one thing becomes abundantly clear. All three agencies are a lot more optimistic about the second half of the year than they are about the first half. That’s not surprising, but it does raise some yellow flags for caution.
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