IEA cuts oil-demand outlook as vaccines won't rescue market soon

The International Energy Agency cut forecasts for global oil demand amid new lockdown measures and cautioned that the vaccine breakthrough won’t quickly revive markets.

Photo: Paul Ratje/AFP/Ritzau Scanpix

While crude prices rallied to a 10-week high above USD 45 this week on news of Pfizer Inc.’s progress, fuel use won’t experience any "significant" boost from vaccines until the second half of next year, the International Energy Agency said.

The Paris-based IEA, which advises most major economies, reduced oil-demand projections for this quarter sharply, by 1.2 million barrels a day.

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