IEA: Prospect of tighter markets ahead

Oil market rebalancing remains fragile as measures to contain the spread of COVID-19 weigh heavily on near-term recovery of global oil demand, but new support is provided by a more positive economic outlook and a pledge from OPEC+, IEA said.

OGJ editors

Oil market rebalancing remains fragile as measures to contain the spread of COVID-19, with its more contagious variants, weigh heavily on near-term recovery of global oil demand, but new support is provided by a more positive economic outlook for second-half 2021, along with a pledge from OPEC and its allies (OPEC+) to hasten the drawdown of surplus oil inventories, the International Energy Agency (IEA) noted in its February Oil Market Report.

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