Abul Khair Nadim

"The oil market appears to be on a more solid footing than it has been for some time." The Omicron coronavirus variant will slow the recovery of global oil demand, but the market will be "more comfortable" in 2022, according to the report. The IEA stated that the situation has caused it to revise its forecast for global oil demand by an average of 100,000 barrels per day for both this year and next year due to new international travel restrictions. On the other hand, the IEA predicted that global oil production would outpace demand in December, owing to increased output in the United States and the countries that comprise OPEC and the group of oil producers.