The International Energy Agency modestly cuts its oil demand estimates for 2020 and 2021 despite a recent rally in crude futures, as the looming uncertainty over the efficacy, availability, and deployment of COVID-19 vaccines, will keep oil demand weak in the short term.  The IEA, in its latest monthly oil market report published Dec. 15, said it “will be several months before we reach a critical mass of vaccinated, economically active people and thus see an impact on oil demand.” But the Paris-based agency admitted that stronger Asian demand and persistent and effective OPEC+ supply management had aided the recent recovery in oil […]

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