Goodbye oil glut, thanks to OPEC+ and recovery
A glut in global oil markets is being worked off as the world economy begins to recover from the Covid-19 pandemic and as OPEC and its allies restrain production, the IEA said Wednesday.
The International Energy Agency raised its expectations for the recovery in oil demand after the International Monetary Fund increased its forecasts for global growth this year.
“This improved outlook, along with stronger prompt indicators, has led us to revise up our 2021 global oil demand growth forecast,” said the Paris-based body with advised oil consuming nations.
It now expects world oil demand to rise by 5.7 million barrels per day (mbd) to 96.7 mbd, following last year’s drop of 8.7 mbd.
