IEA remarks in its latest oil market report
- Total oil supply from OPEC+ set to increase by 800k bpd based on existing policy
- OPEC+ needs to open the taps to keep oil market adequately supplied
- Oil demand should surpass pre-pandemic levels by end of next year
This just reaffirms the more bullish sentiment towards the oil market in general at the moment, as the pandemic is gradually being put in the rearview mirror. Though IEA does point out that the rise in oil demand also underscores the enormous amount of effort needed for the world to achieve climate goals.