The International Energy Agency aggressively cuts oil demand forecasts for the rest of 2021 due to the worsening pandemic

Today, Thursday, the International Energy Agency announced that the oil market may turn into a surplus in 2022 if “OPEC +” continues to stop the cuts and the rest of the producers boost supplies.

The International Energy Agency confirmed that global oil supplies increased by 1.7 million barrels per day, in July, to 96.7 million barrels per day, according to what the Reuters news agency reported.

The agency indicated that global demand for oil is rising by 5.3 million barrels per day, to 96.2 million barrels in 2021 and 3.2 million barrels in 2022.

The agency pointed out that oil stocks of the Organization for Economic Cooperation and Development fell 50.3 million barrels in June to 2.882 billion barrels.

The International Energy Agency noted that the withdrawal from oil stocks may continue for the rest of 2021, assuming that sanctions continue to curb Iranian exports.