Global demand for oil will fall sharper than expected, with a vaccine particularly increasing intake by early next year, the International Energy Agency announced Thursday.
U. S. drug manufacturer Pfizer said Monday that trials of its COVID-19 vaccine have yielded promising results, leading to an increase in global money markets, i. e. the value of oil, which gained 11% this week for the nearby industry since August.
But the EEA, which advises Western governments on energy policy, said this substitution meant little to short-term expectations of crude oil demand, given the increase in COVID-19 cases in the United States and Europe, where several economies have restored total or partial national blockades.
“However, it is too early to know how and when vaccines will return to a general life. At the moment, our forecasts do not anticipate a significant effect in the first part of 2021,” he said.
The Paris-based IEA reduced its expansion forecast from 400,000 barrels consistent with the day to a 8. 8 million barrel decrease consistent with this year’s day, below last month’s market report forecast.
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Consumption will resume faster than the idea of the EEA a month ago, but only at a modest pace. The EEA expects demand for oil to rise to 5. 8 million barrels 2021, with an expected accumulation of 5. 5 million barrels in line with the day. in his report last month.
Crude oil futures fell by about 1% in the day, Brent crude about $43. 42 a barrel, while WTI crude oil futures traded around $41. 11 in line with the barrel.
The large discounts requested basically come from richer countries of the Organization for Economic Cooperation and Development. Demand from emerging markets will drive the overall recovery in global consumption, the EEA said, mainly thanks to innovations in China and India.
He said: “By 2020, global demand for oil will be 91. 3 million barrels, or 8. 8 million barrels, consistent with one day less than in 2019 and below the 2013 average point. In 2021, the demand for will of 5. 8 million barrels consistent with the day to 97. 1 million barrels consistent with the day. barrels consistent with the day, about 3 million barrels consistent with the day below the pre-Covid point in 2019. “
Other official forecasters have been pessimistic. The Organization of Petroleum Exporting Countries said in its monthly market report Wednesday that it expected oil demand to fall to its lowest level since 2013 this year.
Production through outdoor manufacturers, the Organization of Oil Exporting Countries and its partners, OPEC, will fall to 1. 3 million barrels according to the day in 2020 and increase to 200,000 barrels according to next year. The U. S. source will fall to 600,000 barrels according to this year’s day and 655,000 barrels according to the day of 2021, the IEA said.
<< Short-term call for customers and emerging production in some countries; for example, Libya (production has more than 1 million barrels consistent with the day of 100,000 barrels consistent with the day of August), Iraq and the United States (in hurricanes) recommend that existing commodities are too weak to provide support to the company. crude oil remains low in the long run and this is a sign that markets are well stocked," the EEA said.
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