IEA ups oil demand forecast as vaccinations brighten outlook

Shafaq News / Vaccine rollouts are brightening the outlook for global oil demand, the International Energy Agency (IEA) said on Wednesday, though rising cases in some major oil-consuming countries show a recovery may be fragile, Reuters reported.

"Fundamentals look decidedly stronger," the IEA said in its monthly report.

"The massive overhang in global oil inventories that built up during last year's COVID-19 demand shock is being worked off, vaccine campaigns are gathering pace and the global economy appears to be on a better footing."