IEA says oil market fragile, cites virus restrictions

MG News | February 11, 2021 at 04:25 PM GMT+05:00

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Feb 11, 2021: The International Energy Agency warned Thursday the world oil market remains fragile, despite a recent recovery in prices, as tighter restrictions are imposed to curb more contagious coronavirus variants.

At the same time, the IEA said the economic outlook was brighter overall, especially in the second half of this year.

"The rebalancing of the oil market remains fragile in the early part of 2021 as measures to contain the spread of Covid-19, with its more contagious variants, weigh heavily on the near-term recovery in global oil demand," the IEA said in its latest monthly report.

"But fresh support has been provided by a more positive economic outlook for the second half of the year, along with a pledge from OPEC+ to hasten the drawdown of surplus oil inventories," it added.

AFP/APP

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