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OPEC STEO: Maintains 2021, 2022 oil demand development forecasts, anticipated Omicron influence to be delicate, short-lived

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In its newest Brief-Time period Power Outlook (STEO), the Organisation of Petroleum Exporting Nations (OPEC) left its oil demand development forecasts for 2021 and 2022 unchanged at 5.65M barrels per day and 4.15M barrel per day respectively. The group mentioned it anticipated the influence of the Omicron Covid-19 variant to be delicate because the world continues to adapt to the presence of the pandemic. 

Market Response

Crude oil costs proceed to cut inside latest ranges, with WTI transferring decrease in the direction of $71.00, with eyes on this week’s Iran/Western energy discussions a couple of return to the 2015 nuclear deal. 

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