Start of another oil supercycle? Unlikely, says IEA Photo: Bloomberg Noah Browning , Reuters 'Oil’s sharp rally to near $70 a barrel has spurred talk of a new supercycle and a looming supply shortfall. Our data and analysis suggest otherwise, the IEA said in its monthly report Share Via Read Full Story LONDON : Oil prices are unlikely to mount a dramatic and sustained surge despite vaccines expected to boost demand later this year, the International Energy Agency (IEA) said on Wednesday, with the world still awash in oil. "Oil’s sharp rally to near $70 a barrel has spurred talk of a new supercycle and a looming supply shortfall. Our data and analysis suggest otherwise," the IEA said in its monthly report.