IEA: Oil Market Recovery Faces Two Major Uncertainties

Even after the ‘Black April’ ended and demand started to crawl up, the oil market and supply-demand balances continue to face two major uncertainties on its fragile road to recovery—a possible second wave of COVID-19 infections and potentially underwhelming OPEC+ compliance with the cuts, the International Energy Agency (IEA) said on Thursday.    In its Oil Market Report for May, the IEA noted that despite pledges both for deeper cuts and over-compliance from OPEC’s Middle East heavyweights Saudi Arabia, the United…