IEA: Pandemic Poses Huge Uncertainty About Oil Market Balance

The pandemic and the pace of economic and oil demand recovery from the coronavirus-inflicted crisis are posing a major challenge to oil producers in rebalancing the market, according to Tim Gould, Head of Division for Energy Supply Outlooks and Investment at the International Energy Agency (IEA). Oil-producing countries and oil companies now have to factor in many more variables in their plans, including economic forecasts and various speeds at which vaccines are being used in different countries, Gould told Reuters on Wednesday. “Producers…