News of the new network on Mar., 17, the International Energy Agency (IEA) claimed that the current market's prediction of a new round of oil super cycle is overblown, and the global crude oil stocks still remained well above the level of a year ago when the COVID-19 began to have an impact on oil demand. In its monthly market report, IEA raised its forecast for global oil demand growth in 2021 by 100,000 b/d to 5.5m b/d, increased to 5,500,000 b/d, and also forecasted another full-year decline of oil production in the US this year. The agency expected the crude oil production in the US to fall by 180,000 barrels a day this year.

IEA stated that a number of reasons were behind the upward revision of its forecast for global oil demand this year, including cold weather in the US in the first quarter and a stronger global economy supported by vaccination progress in the third and fourth quarters. The Oil demand in the final quarter of 2021 will be only 1.4 million b/d below pre-COVID-19 levels. In addition, OPEC and its allies have increased production cuts, extended the production reduction and predicted shortages in some parts of the market. But compared with historical levels, oil supplies were still considered abundant. By the end of January, the crude oil stocks in countries of the Organisation for Economic Co-operation and Development were still 110 million barrels above the level at the start of the outbreak a year ago.