Global oil supply faces tricky rebalancing despite output fall in Sept, says IEA

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Global oil supply fell in September as the Organization of the Petroleum Exporting Countries (OPEC) as well as allied producers improved their compliance with agreed output levels, but the market faces a tricky rebalancing due to a recent increase in covid infections, according to the International Energy Agency (IEA). “Our global demand and supply estimates (including an assumption of full […]

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IEA warns oil demand recovery at risk from virus resurgence although OPEC+ remains optimistic on prices

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The International Energy Agency (IEA) bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus. A collapse in fuel consumption during the second quarter was slightly less severe than previously estimated, and demand should rebound sharply over the next three months as economic activity resumes, […]

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