Oil glut gone, but market volatility seen until pandemic brought under control, says IEA

zbynek-burival-GrmwVnVSSdU-unsplash-scaled.jpg

The global oil glut brought about by last year’s lockdowns triggered the Covid-19 outbreak is gone, but market volatility is seen to persist until the pandemic is brough under control, the International Energy Agency (IEA) said in its latest monthly oil market report. “After nearly a year of robust supply restraint from OPEC+, bloated world […]

Read more

OPEC expects oil demand recovery to continue in 2021

Accelerating vaccination programmes across countries and rising fuel demand is expected to boost global oil demand by nearly 6 million barrel per day (bpd) this year despite the latest Covid-19 surge in India, a key importer, OPEC has said in its latest monthly demand outlook report. World oil demand is set to average 96.5 million […]

Read more

OPEC, IEA revise oil demand forecast upwards for this year

Two of the world’s prominent energy organisations—Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA)—have revised upwards their demand forecast for oil this year, which could help sustain a price rally. Demand will increase by 5.95 million barrels per day this year, which is around 70,000 barrels per day more than last […]

Read more

Record high incidences of COVID cases could stall India’s oil imports

satyajeet-mazumdar-QzjEnlrP3ik-unsplash-scaled.jpg

India has been reporting record high numbers of new daily COVID-19 cases. Mumbai, the largest city has been put on lockdown, potentially threatening fuel demand and crude oil imports in the world’s third-largest oil importer. The new strict measures in India’s financial center and most populous city are now set to further impact oil consumption and […]

Read more