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–The IEA has increased its non-OPEC 2021 supply forecast –The oil market is set for "rapid stock draw" in the second half of the year, the IEA says –The agency says North American production is rebounding The global supply and demand of crude oil are on course to continue rebalancing this year, after the turmoil brought by the pandemic in 2020, the International Energy Agency said Thursday. Despite increasing its estimates for the world’s oil output in 2021, the IEA said in its closely-watched monthly market report that a recovery in demand will outstrip rising production in the second half of the year to prompt "a rapid stock draw" of the glut of crude built up since the outbreak of the coronavirus. The agency significantly increased its forecast for producing nations outside of the production pact between the Organization of the Petroleum Exporting Countries and allies such as Russia, upping non-OPEC supply by 290,000 barrels a day to an increase of 830,000 barrels a day this year. At the same time, the IEA trimmed its forecast for global oil demand by 200,000 barrels a day to 96.4 million barrels–around 3% less than in 2019, before the coronavirus pandemic–although added […]
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