IEA says oil market outlook clouded by vaccine roll-out variables

Oil producers face an unprecedented challenge to balance supply and demand as factors including the pace and response to COVID-19 vaccines cloud the outlook, an official with International Energy Agency (IEA) said on Wednesday.

“Producers are grappling with huge uncertainty about where this goes from here,” said Tim Gould, head of energy supply outlooks and investment.

“That’s not just in terms of economic recovery but indicators we wouldn’t necessarily normally be looking at: (such as the) levels of trust in different countries about vaccines.”