The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, US, November 24, 2019. — Reuters picPARIS, Feb 11 — The International Energy Agency warned today the world oil market remains fragile, despite a recent recovery in prices, as tighter restrictions are imposed to curb more contagious coronavirus variants.
“The rebalancing of the oil market remains fragile in the early part of 2021 as measures to contain the spread of Covid-19, with its more contagious variants, weigh heavily on the near-term recovery in global oil demand,” the IEA said in its latest monthly report.
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