IEA Raise U.S. Oil Production Outlook as Global Oil Demand Strengthening

The International Energy Agency released it’s November Oil Market Report Tuesday making no adjustments to its 2021 global oil demand outlook. The IEA projected unchanged worldwide oil consumption, to rise by 5.5 million barrels per day (bpd) this year. They project expected demand weakness stemming from COVID-19 spreads across Europe would be offset by rising gasoline and jet fuel consumption from the reopening of international air travel. IEA November Highlights Global supplies “leapt” by 1.4 million barrels per day (mbd) … Continue reading “IEA Raise U.S. Oil Production Outlook as Global Oil Demand Strengthening”