Wazed Ahmad Sohan

According to the IEA, the oil market "appears to be on a more firm footing than it has been for some time." According to the study, Omicron's arrival at the end of November "sparked a sharp sell-off in oil, but initial pessimism has given way to a more measured response." The IEA has lowered its forecast for world oil demand for this year and next year by an average of 100,000 barrels per day due to new restrictions on international travel. Many oil and gas businesses are attempting to reinvent themselves as we approach 2022 by adopting capital discipline, focusing on financial health, committing to climate change, and changing business models. The positive impact of such adjustments is mirrored in our study, with nearly two-thirds of O&G executives stating that their firms' strategic changes have been very favorable.