- Expectations of global oil outpacing supply are fading, the IEA and OPEC said Thursday (WSJ)
- Oil prices are down slightly after the IEA cut its 2021 global demand growth forecast in its latest monthly report
- The surge in the Delta variant has caused both the IEA and the EIA to lower demand forecasts
- The International Energy Agency (IEA) cut is 2021 global oil demand growth forecast by 100 MBbl/d, but raised its 2022 forecast by 200 MBbl/d
- The European based IEA said the timing of the coronavirus surge has coincided with supply increases from OPEC+ “stamping out lingering suggestions of a near-term supply crunch or supercycle” (WSJ)
- The IEA and OPEC monthly reports significantly raised the forecast for oil supplies outside the cartel in 2022. The agencies boosted projections for non-OPEC supply by 1.1 MMBbl/d for next year