At the same time, the International Energy Agency is forecasting a big demand rebound for the rest of 2021
London — Oil prices hit a six-week high on Tuesday as another hurricane threatened to bring heavy rain to Texas and parts of Louisiana that were still recovering from Ida, and as the International Energy Agency forecast a big demand rebound for the rest of 2021.
Evacuations were under way on Monday from offshore US Gulf of Mexico oil platforms, as onshore oil refiners began preparing for Hurricane Nicholas. After three months of decline in global oil demand, COVID-19 vaccine roll-outs are set to rekindle appetite for oil that was suppressed by pandemic restrictions especially in Asia, the International Energy Agency said on Tuesday.
These forecasts are well below those of the Organization of the Petroleum Exporting Countries which sees demand growing by about 5.96-million bpd this year and 4.15-million bpd in 2022.
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