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The re-balancing of global oil markets remains “fragile” amid weaker estimates for demand and recovery in supplies, International Energy Agency said. IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels/day as pandemic continues to limit travel and economic activity. It boosted projections for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment.
