A year after the pandemic and a price war sparked one of the weakest months in history for oil prices, the global energy market is well on its way to recovery, the International Energy Agency said Wednesday.
In its monthly report, the IEA raised its annual forecast for global oil demand in 2021 by 230,000 barrels a day to an increase of 5.7 million barrels a day. Earlier in the week, the Organization of the Petroleum Exporting Countries increased its 2021 demand forecast by 100,000 barrels a day.
