IEA Backpeddles, Says Oil Demand Will Soon Reach Pre-Crisis Levels

Oil demand is recovering faster than previously expected, and unless OPEC+ puts additional barrels on the market on top of the plans to restore 2 million barrels per day (bpd) by July, oil prices will be heading higher as the gap will widen, the Executive Director of the International Energy Agency, Fatih Birol, told Bloomberg Television in an interview on Tuesday. According to Birol, global oil demand could return to the pre-crisis levels of 2019 as soon as in a year’s time. “Demand in one year or so may well come back to the levels…