- Keeps full-year 2021, 2022 world oil demand forecasts unchanged
- Raises Q1 2022 world oil demand forecast by 1.11 million to 99.13 mil bpd
- Impact of omicron to be mild and short-lived as the world is better equipped to manage COVID-19
In due time, we'll see if their assumptions are validated. But the world certainly wants to move on from the virus and transition into the endemic stage, though such a step will still be decided by virus developments.
For now, the outlook from OPEC shouldn't raise any added concerns for oil. That said, prices are struggling now after a bright start earlier in the day. WTI crude is down 0.7% to $71.15 near the lows at the moment.
