IEA says Covid vaccine 'unlikely to ride to the rescue' of world oil market for some time

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The IEA said it does not expect the prospect of a coronavirus vaccine to significantly boost demand 'until well into next year.'

Oil prices have notched three consecutive trading sessions of gains since Pfizer and BioNTech said Monday that early results showed their vaccine candidate was more than 90% effective in preventing Covid infections.

Rail wagons for oil, fuel and liquefied gas cargo stand in sidings at Yanichkino railway station, close to the Gazprom Neft PJSC Moscow refinery in Moscow, Russia, on Monday, April 27, 2020.LONDON — The International Energy Agency on Thursday cut its 2020 global oil demand forecast and said it does not expect the prospect of a coronavirus vaccine to significantly boost demand "until well into next year.

For 2021, the IEA said world oil demand growth will rise by 5.8 million barrels per day, representing an upward revision of 0.3 million barrels from last month.

 

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oil belongs to earth!

we shold drill for oils in the arctick. beat he russiams. reds, heh heh

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