“Oil demand recovery will outpace supply growth“The International Energy Agency (IEA) said in its latest monthly oil market report published on Wednesday, adding that demand recovery forecast assumes COVID-19 situation in India improves.
Additional comments:
The additional supply is due to Canada and Brazil.
In the current OPEC + scenario, supplies do not match the expected recovery in demand.
OPEC + has pumped well below its limits of crude.
However, demand recovery fragile amid COVID-19 situation in India.
Excess oil is gone even as demand forecast in India is lowered.
European oil demand for the first quarter of 2021 is reduced by 320,000 barrels / day to 12.7 million barrels / day.
The growth forecast for world oil demand for 2021 is lowered by 270,000 barrels / day to 5.4 million barrels / day.
It leaves the oil demand forecast for the second half of 2021 practically unchanged.
The demand for oil in the United States for the first quarter of 2021 is reduced by 515,000 barrels / day to 28.4 million barrels / day.
OECD oil stocks fell to 2.95 billion barrels in March, 1.7 million barrels above the five-year average.
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