Pump jacks are found in California’s Midway Sunset Oilfield.
Lucy Nicholson | Reuters
The International Energy Agency (IEA) warned on Tuesday that the devastation caused by global oil demand would not be rolled out quickly this month to fight the coronavirus epidemic.
“The perceived joy surrounding the launch of vaccination programs is partly due to higher prices but it will take many months for us to reach a critical group of vaccinators, economically active people, and thus see an impact on oil demand,” the IIA said in its monthly report. IIA said in its monthly report.
“Meanwhile, the end of the year holiday season will soon be upon us with the possibility of another surge in the COVID-19 case and even more limited action.”
The Paris-based watchdog has revised its oil demand estimates by 20,000 barrels per day (bpd) this year and 1,000,000 bpd for next year, citing the use of rare jet fuel as fewer people travel by air.
Europe has a share of many backslides, with demand remaining lower in the fourth quarter than in the third due to new lockdown measures.
The IIA added that global oil stocks, which are mounted as consumption spent during the epidemic, will eventually reach deficits by pre-crisis levels by the end of 2019, the IEA added.
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