IEA eyes better times for global oil industry
The International Energy Agency expresses greater optimism regarding oil demand in the short term. However, the agency still doesn't expect things to normalize until 2022.
The OPEC-related production cuts have caused a recent surge in oil prices. For instance, a barrel of European reference crude Brent costs around USD 40 Tuesday morning. And although that's far below previous prices, the development has the International Energy Agency (IEA) estimating that oil demand will hit a higher level in the current quarter than the agency had initially forecast, according to the IEA's latest market report on June.
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