Is oil prices are unlikely to see a new supercycle, the International Energy Agency (IEA) said in its latest monthly oil market report released on Wednesday. The agency added that there is also likely to be a shortfall in supply.
The report indicates that the prospect of stronger demand, and continued cuts by the Organization of the Petroleum Exporting Countries and its allies, point to a large reduction in inventories during the second half of 2021.
“For now, however, there is more than enough oil in the tanks and underground to keep the oil markets in adequate supply,” the IEA stated.
The agency kept the forecast for global oil demand for 2021 stable.
The price of WTI it fell back after the report, falling below $ 65. It is trading in the zone of daily lows at $ 64.30.
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