Recovery of the Oil Market

From Bloomberg Opinion:

“The International Energy Agency … doesn’t think demand will have fully recovered by [the end of 2021]. In the final quarter of next year it predicts global oil demand will still be running about 2 million barrels a day below pre-pandemic levels, and more than 4% below where it might reasonably have been expected to be in the absence of the crisis.”

“The amount of stored oil that needs to be burnt through before there is room for producers to pump more is huge. Enough of the black stuff has gone into storage tanks, caverns and ships over the past six months to drive every heavy truck in the U.S. around the world five times–if it could all be turned into diesel fuel.”