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Global demand for oil slashed by ongoing Covid issues, says IEA

Influential agency reverses earlier prediction of possible glut in the market in second half of 2021

The world’s appetite for oil will be lower than expected this year as the ongoing spread of the coronavirus Delta variant continues to drag on global economies, according to the International Energy Agency (IEA).

The global watchdog has slashed its oil demand forecasts for the rest of this year and predicted that crude supplies may outstrip demand next year to leave a glut of unwanted oil in the market.

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Read the original article at The Guardian

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