IEA Sees Crude Glut Enduring to End-2021 Amid Demand Strains
- Agency trims 2021 demand forecast by 170,000 barrels a day
- 625 million-barrel crude excess will clear by next December
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The crude-oil glut left behind by the pandemic will clear by the end of next year, as markets face a gradual recovery marked by renewed strains on demand, the International Energy Agency said.
“Demand is clearly going to be lower for longer than expected” when the virus emerged in the spring, the agency said in a report, trimming forecasts for world fuel consumption following a new wave of lockdowns. “The market remains fragile,” it warned.