NISHAT YEASMIN

The advent of the Omicron virus at the end of November had a significant impact on oil sell-offs. According to the IEA, the increase in new Covid-19 cases is anticipated to moderate temporarily, but will eventually raise oil demand. Measures have been put in place to restrict the spread of the virus, which are predicted to have a lower economic impact than previous Covid outbreaks. The IEA report compiles data from oil-consuming countries and offers government guidance.