Vaccines set to unleash pent-up oil demand; expect big jump in Oct: IEA

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After a three-month slide in global oil demand due to the spread of the Delta variant of Covid-19 and pandemic restrictions, especially in Asia, vaccine rollouts are set to power a rebound, the International Energy Agency (IEA) said on Tuesday.

“Already signs are emerging of Covid cases abating with demand now expected to rebound by a sharp 1.6 million barrels per day (bpd) in October, and continuing to grow until end-year,” the IEA wrote in its monthly oil report.

The IEA forecast a robust rebound in the market from the fourth quarter of the year citing “strong pent-up demand and continued progress