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    Home » Omicron Covid Variant to Erode Global Demand for Oil, Says IEA
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    Omicron Covid Variant to Erode Global Demand for Oil, Says IEA

    December 14, 20211 Min Read
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    Explicit Illustration depicting the historic fall of the price of crude oil with downdown arrow an oil well in silhouette in the background
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    Omicron’s variant emergence will allow the global oil supply to surpass the rate of consumption, easing supply tightness in the recent months.

    • The IEA cut its 2022 supply outlook from non-OPEC producers by 100,000 barrels per day and lowered its demand forecast by the same amount, stating it expects an increase in COVID-19 cases to hamper recovery in the global demand.
    • In its monthly market report, IEA stated that air travel and the consumption of jet fuel would be affected the most by the Omicron variant.
    • Concerns that the global economic recovery and resurgence in global oil demand would cause inflationary pressures pushed the oil-producing nations to tap their strategic oil reserves in November.
    • Oil prices have fallen sharply on fears of the new COVID-19 variant on the global economy.

    Brent crude rose 0.5% to stand at $74.77 per barrel, and U.S. crude futures rose by 0.5% to stand at $71.62 per barrel.

    CL1! up +0.46%, USOIL up +0.44%Source: IEA

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    COVID-19 Oil Omicron OPEC Petroleum
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