Oil demand may not recover to pre-pandemic levels until 2022 at the earliest, according to a new report from the International Energy Agency (IEA). The surplus of crude oil sloshing around the world has narrowed quicker than expected, owing to a severe drop in supply and a quick rebound in demand in some parts of the world after a record drop in consumption. Global supply fell by 12 million barrels per day (mb/d) in May, year-on-year, due to the roughly 9.4 mb/d of cuts from OPEC+ along with sharp curtailments from non-OPEC countries. China’s “strong exit from lockdown measures” saw Chinese demand in April almost back to normal levels, the agency said. The further easing of lockdown protocols around the world will likely lead to rebound in demand in the second half of 2020, although Beijing said on Tuesday that all schools will temporarily shut down in the capital […]