Opec and the IAE both downgraded their outlook for oil markets this year and next, citing increased concern over the continued impact of the Covid-19 pandemic, as well as a more robust return of non-Opec supplies.
The combination will slow down the gradual progress of drawing down global inventories, which nearly maxed out in April during the height of the demand collapse and before the Opec+ alliance agreed to take 9.6mn b/d off the market. (CONTINUED - 736 WORDS)
