February 8, 2023

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IEA says that oil demand recovery will outpace growth in supply

1 min read

That despite cutting its demand forecast for India

  • Demand recovery forecast assumes COVID-19 situation in India improves
  • Extra supply is due from Canada, Brazil
  • Under current OPEC+ scenario, supplies will not match expected demand recovery
  • OPEC+ has pumped far below the call on its crude
  • However, demand recovery is fragile amid India’s COVID-19 situation

That fits with conventional market wisdom for the most part but just continue to keep an eye on India as they are a major wildcard considering the virus situation. If that persists for many more months and well into 2H 2021, it could alter the landscape.
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