Published December 20, 2021
Oil forecasters have parted company on their views about demand in the coming months, as the omicron variant spreads rapidly around the world.
Producers have emerged as the surprising bulls in the latest round of estimates. The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries have all updated their oil market forecasts for the period to the end of next year. Each is trying to get to grips with the impact of the latest coronavirus strain, identified only in late November and already accounting for 20% of confirmed cases in England.
One change stands out: their view of oil demand in the first quarter of 2022.
While rising case numbers and international travel restrictions have led the IEA and EIA to cut their estimates of consumption through March, OPEC is on a very different path. Read the full story here.
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