IEA: The Impact of Corona Vaccines on Global Demand Will Take Several Months

The International Energy Agency has warned that the start of vaccination campaigns to prevent Coronavirus this month will not quickly reflect the devastation inflicted on global oil demand.

“The understandable euphoria around the start of vaccination programmes partly explains higher prices but it will be several months before we reach a critical mass of vaccinated, economically active people and thus see an impact on oil demand,” the IEA said in its monthly report.

“In the meantime, the end of year holiday season will soon be upon us with the risk of another surge in COVID-19 cases and the possibility of yet more confinement measures.”