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IEA sees oil demand recovery outpacing growth in supply

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Progress in vaccinating the world against COVID-19 means the world’s economic recovery and demand for oil will outpace the output of top producers, the International Energy Agency (IEA) said on Wednesday.

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“The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter,” the IEA said in its monthly report, citing increased pumping from OPEC+ countries.

“But India’s COVID crisis is a reminder that the outlook for oil demand is mired in uncertainty. Until the pandemic is brought under control, market volatility is likely to persist.”