Rahat Chowdhury

According to the International Energy Agency (IEA) that unites oil-consuming countries, the new coronavirus variant named Omicron is gonna slow down the recovery in global demand for oil, but at the same time the oil market or business is gonna be more suitable. Also in their latest monthly report, they indicated that there is a better situation in the oil market than it had in the earlier days. However, the flow of new covid19 cases is expected to be temporarily slow because of the rapid or widespread vaccination campaigns. That's why despite having a downside in the economy of the oil market in the earlier covid19 situations, the IEA sees this year as a more comfortable year for the oil market.