The IEA cut forecasts for global oil demand sharply by 550,000 barrels a day for the second half of the year and sees a new surplus in 2022, with chief Toril Bosoni citing a "highly uncertain" outlook due to the delta variant. Consumption "abruptly reversed course" in July, paring gains after surging by 3.8 million barrels a day in June, the agency said. OPEC also reduced demand estimate for its crude next year by 1.1 million barrels a day amid a stronger output projection for Russia.