International energy raises expectations for oil demand
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The International Energy Agency said, Wednesday, that the launch of the Corona vaccine increases the outlook for global oil demand, although the increasing cases in some major oil-consuming countries show that the recovery may be fragile.
"The huge increase in global oil stocks that accumulated during the demand shock of COVID-19 last year is being worked on, the vaccination campaigns are accelerating and the global economy appears to be in a better position," the International Energy Agency said in its monthly report, seen by "Al-Economy News."
The International Energy Agency predicted that "global demand and supply for oil will return to balance in the second half of the year and that producers may then need to pump two million barrels per day to meet the expected demand."
She added that "OPEC and allies including Russia, the group known as OPEC +, can allocate their production to meet demand, whether the virus is tamed or not."