Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Omicron impact aside, oil supply set to top demand -IEA

    Omicron impact aside, oil supply set to top demand -IEA

    December 14, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp

    London — A surge in COVID-19 cases and the emergence of the Omicron variant will dent global demand for oil, the International Energy Agency (IEA) said on Tuesday, but the broader picture is one of increasing output set to top demand this month and soar next year.

    “The surge in new COVID-19 cases is expected to temporarily slow, but not upend, the recovery in oil demand that is underway,” the Paris-based IEA said in its monthly oil report.

    “New containment measures put in place to halt the spread of the virus are likely to have a more muted impact on the economy versus previous COVID waves,” it said. Demand/supply balance

    The United States will account for the single biggest increase in output for a second month running, the IEA said, as drilling picks up there.

    Next year, Saudi Arabia and Russia could also set records for annual production if the OPEC+ group to which they both belong fully unwinds its agreed production curbs.

    Global oil supply could then jump by 6.4 million barrels per day (bpd) next year compared with a 1.5 million bpd increase in 2021.

    The IEA lowered its forecast for oil demand this year and the next by 100,000 bpd each, mostly due to the expected blow to jet fuel use from new travel curbs.

    Demand for fuels used in road transportation and petrochemical feedstock will continue to rise steeply, however.

    Total oil supply, selected producersThe IEA predictions came a day after producer club OPEC kept its own outlook for 2021 and 2022 unchanged, saying the impact of the omicron variant on demand will be “mild and short-lived”. read more

    Global oil supply, up just 1.5 million bpd in 2021, will jump 6.4 million barrels per day next year, the IEA added, and supply will outpace demand through at least the fourth quarter of next year.

    *Noah Browning; editing: Jason Neely, Kirsten Donovan – Reuters

    Related News

    Oil prices rally as United States sanctions on Venezuela ease supply worries

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    Nigeria partners Brazil to develop methanol complex 

    Nigeria says divestment paying off as oil output rises

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    June 11, 2025

    Kenya central bank lowers 2026 growth forecast to 5.4%

    June 11, 2025

    Nigeria partners Brazil to develop methanol complex 

    June 11, 2025

    FG to train 100,000 youths annually in forex trading

    June 11, 2025

    China, Africa ask US to return to ‘right track’ on trade differences

    June 11, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.