IEA Forecast Shows Oil Demand Won’t Fully Recover Until at Least 2022

The video discusses the current state and future predictions of global oil demand, highlighting the impact of China's recovery and the potential return to pre-crisis levels by mid-2021, excluding aviation. It emphasizes the uncertainties posed by economic rebounds and potential COVID-19 waves. The role of OPEC+ and the decline in US and Canadian production in market rebalancing is also covered. Finally, it addresses the unpredictability of oil prices, contingent on economic recovery and the absence of a second COVID-19 wave.

What is the expected increase in global oil demand for the year 2021?

How do the tensions between Saudi Arabia and Russia affect the oil market according to the text?

What role do the OPEC plus countries play in the oil market as described in the text?