K. Muniyat Elahi

The article "IEA sees more comfortable year for oil market in 2022" informs its readers about the present and predicted conditions of the international oil market, and the effects of a new surge in the rate of COVID-19 cases. From statements collected from the IEA's (International Energy Agency) monthly report, it is put forward that the surfacing of Omicron (a new coronavirus variant) cases worldwide caused an abrupt 'sell-off' of oil assets. We are then reassured that the situation has recently become more stable since the latter part of November, although the pandemic will handicap recovery of oil demand momentarily. According to data, new and improved containment measures and vaccinations will moderate the effect this pandemic has upon the global economy. This leads to the main message of the article - that the oil market will recover and settle within the year 2022, if conditions are stable and a more measured approach is taken to managing the market. It is also mentioned that the IEA had limited its forecast for oil demand worldwide for the current and upcoming year due to additional factors that include recent restrictions on international travel. The reader is thus given a comparison between the condition of economy before and after COVID-19 waves, and is told the IEA has positive hopes for the near future. - K. Muniyat Elahi