The crude-oil glut left behind by the pandemic will clear by the end of next year, as markets face a gradual recovery marked by renewed strains on demand, the International Energy Agency said.

“Demand is clearly going to be lower for longer than expected” when the virus emerged in the spring, the agency said in a report, trimming forecasts for world fuel consumption following a new wave of lockdowns. “The market remains fragile,” it warned.

In Europe, a tentative recovery is reversing, with fuel consumption down this quarter amid a surge of Covid-19 infections and measures to control the spread of the virus.

OIL CRASH: Exxon Mobil to lay off 723 Houston-area employees next year

Still, as the world economy picks up again and the OPEC+

Read More At Article Source | Article Attribution