Sumary of Oil prices are the highest in more than 2 years after climbing for a third week:
- Oil prices climbed Friday, tallying a third-weekly gain to finish at a more than two-year high, as the International Energy Agency said it expects global oil demand to return to pre-COVID-19 pandemic levels by the end of next year..
- Producers will need to increase output to keep up with demand recovery, the Paris-based energy agency said in its June oil market report..
- It forecasts demand to rise in 2021 before growing at a faster rate next year, reaching 100.6 million barrels a day (mb/d) by the end of 2022..
- from the IEA report, in which the IEA calls for more oil to be produced by OPEC+, the Organization of the Petroleum Exporting Countries and their allies, “to meet the oil demand recovery of 2022,”.
- The IEA said that following the record decline of 8.6 mb/d in 2020, global oil demand was now forecast to rebound by 5.4 mb/d in 2021 and a further 3.1 mb/d in 2022..
- “The pace at which the OPEC+ cuts can be unwound will depend not only on the success in containing the spread of the virus and demand growth but also the timing of the eventual return of Iranian barrels to the market.”…