IEA assessed the impact of the omicron spread on the oil market

The IEA’s monthly report says the spread of the new coronavirus strain omicron could slow the growth rate in oil demand. But this will be observed for a short period of time. Agency analysts believe that next year, the raw materials demand will reach a pre-pandemic level of 99.5 million. Many countries are likely to tighten restrictions due to the rise in omicron infections. These measures will not have the same serious impact on the global economy as they have previously. Gasoline demand will remain strong. The petrochemical industry will continue to grow. Agency analysts expressed hope that OPEC+ countries will continue to cancel their obligations to reduce oil production next year. If the alliance follows this policy, in the first quarter of 2022 the surplus in the oil market could reach 1.7 million. In this case, the situation in the oil market will become more comfortable.

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Arseny Kudrin

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