Oil Markets May Not Fully Recover Until 2022

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…