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Global oil markets may have rallied on the latest positive vaccine trial results, but they are unlikely to feel any significant economic benefits until well into next year, the International Energy Agency said Thursday.
In its monthly report, the IEA darkened its outlook for crude consumption in the months ahead, citing resurgent COVID-19 infection rates in the U.S. and Europe. It now expects demand for 2020 to fall by 8.8 million barrels a day this year—400,000 barrels a day more than its last forecast. That is more severe than OPEC’s forecast cut Wednesday.
