Preetom Ahamad Shoykot

The global demand for oil has been slowed down due to corona virus. Because of the new varient, the omicron coronavirus, the demand for oil will still be slower for some time in the global market, but it will be slightly recovered by 2022.IEA told in their monthly report that the oil market is more stable now than it was for some time. Omicron emerged at the end of November and has slowed down the sells of oil but it now has a more measured response. New covid-19 cases will just temporarily slow down the oil demand. The measures taken to reduce spread of the virus will have positive effect on the economy, it won't be like previous impacts it had due to corona virus. The IEA has revised its forecast for global oil demand by an average 100,000 barrels per day for both this year and next year due to restrictions on international travel.