IEA says oil producers may struggle to gauge demand amid second wave | Malay Mail

Wednesday, 14 Oct 2020 04:05 PM MYT

LONDON, Oct 14 — Global oil stocks which rose during the height of the pandemic are being steadily reduced, the International Energy Agency said today, but a second wave is slowing demand and will complicate efforts by producers to balance the market. “There is only limited headroom for the market to absorb extra supply in the next few months,” the IEA said in its monthly report. “Those wishing to bring about a tighter oil market are looking at a moving target.”The IEA said “the efforts of the producers have shown some success”, noting relatively stable oil prices and a strong draw on storage, with implied global stocks falling by 2.3 million bpd in the third quarter and by a predicted 4.1 million bpd in the fourth.

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