Oil Demand Strength Exceeds IEA Expectations

Global oil demand has proven to be more resilient to the effects of the Omicron variant’s spread than the International Energy Agency expected, according to its chief, Fatih Birol, who spoke to media at a virtual meeting this week. “Demand dynamics are stronger than many of the market observers had thought, mainly due to the milder Omicron expectations,” Birol said, as quoted by Bloomberg. The head of the IEA also noted the supply disruptions in Libya and Kazakhstan, which also contributed to the imbalance with demand. “We…