Major energy institutions are adopting a cautionary tone over oil demand in 2021, with the International Energy Agency and OPEC on Feb. 11 joining the US Energy Information Administration in trimming their recovery estimates. The IEA in its monthly oil market report still pointed to a tightening oil market this year, despite lowering its estimate of the revival in global oil demand this year and seeing improving non-OPEC supply growth. The “fragile rebalancing” will be aided by still reasonable demand growth along with cautious OPEC+ market management and flatlining US output. The Paris-based agency predicts global oil demand will grow by 5.4 million b/d in […]