While the IEA believes Omicron will dent global oil demand, OPEC remains confident that demand will continue to bounce back strongly from its pandemic lows.Chart of the Week- Despite fears of Omicron playing a large role in markets and the media, OPEC raised its global oil demand forecast for Q1 2022 this week, arguing that Omicron would only have a mild and brief impact.
- In its monthly report, OPEC expects world oil demand to average 99.1 million b/d over January-March 2022, more than 1 million b/d higher than its forecast a month ago.…OPEC Confident About Oil Demand Despite Omicron Cases
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