Global Oil Supply Set To Overtake Demand

1. Global Supply Bound to Overtake Demand Next Year- The US Energy Information Administration revised lower its price outlook for 2021-2022, dropping its annual 2021 Brent estimate to 68.61 per barrel, whilst WTI was lowered to 65.69 per barrel. - Whilst lowering global demand both for 2021 and 2022 on concerns of travel restrictions extending into next year, the EIA still foresees a 5 million b/d increase this year and another 3.6 million b/d in 2022, putting the resulting tally at 101 million b/d. - The agency sees OPEC adding 1.4 million b/d…