The International Energy Agency has reduced its 2021 oil demand forecast by 600,000 barrels per day (bpd) in the first quarter and 300,000 bpd over the year, citing the economic impact of new lockdowns and the slow rollout of COVID-19 vaccination programs worldwide.

The revised forecast is just one of many signs that COVID-19 will continue to serve as an economic drag well into 2021, despite early optimism that vaccines would be an immediate game-changer.