*Oil Falls After IEA Cast Doubt on Quick Demand Recovery*
The IEA have casted doubt over the recovery of oil demand amid surging infection across Europe and America, with the UK being the first country to reach the miles stone of 50,000 deaths. New York has ordered bars and restaurants to close early as cases in the US hit record levels. The IEA report says that even though the roll-out of a vaccine may be close, oil demand may not recover until at least mid-2021. (Reuters)
*Glencore Boss Glasenberg Says Pandemic Could Delay His Departure: NZZ*
The Glencore CEO has said to a Swiss newspaper that the COVID-19 pandemic could delay his departure from the company, at which he has been the CEO since 2002. His tenure has overseen a turbulent period, such as the 2008 financial crisis and now the pandemic which has seen the oil market hit hard. (Reuters)
*Oil Market Rebalancing to Make ‘Slow Progress’ On Weak Fundamentals, Says IEA*
The IEA did not see a significant boost in oil demand as a result of the vaccine news earlier this week, in the short term, but the report did state that demand may start to bounce back in mid-to-late 2021, with the task of rebalancing the oil market will be a slow process with supply and demand fundamentals working against the market as supply increases from Libya and renewed lockdowns in the northern hemisphere.