- Despite omicron wave, oil demand rose in Q4 2021 by 1.1 mil bpd to 99 mil bpd
- But supply will soon overtake demand as some producers set to pump at or above all-time highs
- Steady rise in supply could see significant surplus in Q1 2022 and going forward
- US, Canada, Brazil set to pump at all-time highs for the year
- Russia and Saudi could also break their output records
One can understand where they are coming from as that is part of the oil market debate as outlined towards the end of last year here. But for now, it doesn't seem like production is sky rocketing and that has been a major boon for prices recently. There are plenty of valid arguments for a tighter market and more so if US output fails to live up to the hype.
