- Oil prices are on track for a third consecutive week of gains on continued signs of an improving demand outlook
- The International Energy Agency (IEA) warned that the market would need extra supply next year
- The agency said Friday that OPEC+ would need to increase output to keep the market adequately supplied, though forecasted demand won’t reach pre-virus levels until late 2022
- Road traffic in the U.S. and most of Europe is essentially back to pre-pandemic levels, but jet fuel remains much further away from where it was in 2019 (Bloomberg)
- One of the biggest wild cards for the oil market is when Iranian crude will return to the market
- Nuclear talks involving Iran are set to resume in Vienna this weekend
- OPEC will need to add about 1.4 MMBbl/d – or less if Iran clinches a deal to remove U.S. sanctions (IEA monthly report)