Slower global oil demand growth, increased Opec+ produc- tion following last month’s new deal and higher output from outside the alliance are “stamping out lingering suggestions of a near-term supply crunch or super cycle”, the IEA says. The Paris-based energy watchdog sees global consumption growth averaging 5.3mn b/d this year and 3.2mn b/d in 2022. Last month’s report expected demand to grow by 5.4mn b/d in 2021, and the downgrade comes from “the worsening progres- sion of the pandemic and revisions to historical data”, the IEA said in its latest Oil Market Report (OMR).
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