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IEA Forecasts Gradual Growth For Crude-Oil, Expects A Recovery By 2021-End

2 min read | December 15, 2020 11:05 AM EST | By Team Kalkine Media
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  • The International Energy Agency (IEA) has released its crude-oil outlook that indicates recovery of the oil industry by the end of next year, as markets face a slow recovery led by renewed tension on demand.
  • The global agency, in a report, predicted that the demand for oil is going to be low for longer period than anticipated. Amid the COVID-19 outbreak and the following second wave of lockdowns, it cut forecasts for world oil consumption. The market stays shaky, cautioned IEA.
  • The agency slashed forecasts for global oil demand growth in 2021 by 110,000 barrels a day led by continued strain on jet fuel and kerosene. However, it projects a significant jump of 5.7 million a day, or nearly two-thirds of the volume lost this year.
  • The agency projected an average consumption of 96.9 million barrels a day in 2021. Procurements of gasoline and diesel will be “particularly robust,” returning to about 99 per cent of pre-COVID-19 levels. Moreover, as the world economy revives gradually and the Organization of Petroleum Exporting Countries (OPEC) and its allies keep a tight stance on production, the IEA believes that inflated crude inventories will decrease in the coming year.
  • In addition to resurgence in demand, the world oil market is also rebounding due to the initiatives of the OPEC+, a group of crude-oil manufactures headed by Saudi Arabia and Russia.

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