The agency cautions that a vaccine breakthrough won’t quickly revive markets and fuel use won’t experience any “significant” boost from vaccines until 2H 2021 at least.

In its latest report on the oil market, the agency is also cutting its oil-demand projections for Q4 2020 by 1.2 mil bpd and says that unless the fundamentals change, the task of re-balancing will make slow progress.

Adding that if OPEC+ producers proceed with a scheduled increase of almost 2 mil bpd in January, then there will be a failure to deplete global oil inventories in Q1 2021.

The agency also notes that available data for Q3 now suggests that inventories only fell by barely a third of the expected amount, down by about 800k bpd.