MD Mofizur Islam Hridoy

The oil market "appears to be on a more solid foundation than it has been for some time," according to the IEA. The appearance of Omicron at the end of November "sparked a strong sell-off in oil, but early pessimism has given way to a more measured response," according to the report. Due to additional limits on foreign travel, the IEA has reduced its prediction for world oil consumption for this year and next year by an average 100,000 barrels per day. In January, the Organization of Petroleum Exporting Countries (OPEC) and its partners decided to maintain scheduled output increases.