The rapid spread of the coronavirus Delta variant and its impact on the global economy is leading to lower oil consumption this year than previously estimated. This was stated by the International Energy Agency in a new monthly report on Thursday.
Moreover, the IEA still believes that demand levels prior to the coronavirus pandemic will be matched again in the second half of next year.
For 2021, the agency reduced the demand for oil in the global market by 100,000 barrels per day, while for 2022 the demand estimate was increased by 200,000 barrels per day.
In terms of production levels, the IEA reported that Saudi Arabia increased its production by 540,000 barrels in July to 9.46 million barrels per day. The OPEC-plus produced 720,000 barrels a day more in that month.
Oil recorded almost unchanged on Thursday. A September-futures West Texas Intermediate recorded 0.2 percent in red at $ 69.11, while an October-future was paid Brent $ 71.37, a 0.1 percent decline.