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OPEC+ oil output boost to leave market in precarious balance, IEA says

At the same time, markets are set to receive fresh supplies in January as OPEC and its partners relax some of the measures they've taken to prevent a glut

Crude oil
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The acceleration in virus infections is leading many in the market to question if the Organization of Petroleum Exporting Countries and its allies will increase supply from January

Grant Smith | Bloomberg
The outlook for oil “remains fragile” as the pandemic depresses demand, and OPEC’s plans to increase supply next year will leave global markets precariously balanced, the International Energy Agency said.

“There is a risk that the demand recovery is stalled by the recent increase in Covid-19 cases in many countries,” the IEA said in its monthly market report.

At the same time, markets are set to receive fresh supplies in January as OPEC and its partners relax some of the measures they’ve taken to prevent a glut. Once the taps are opened, “there is only limited headroom for the market to absorb”