OPEC Sees ‘Mild And Short-Lived’ Omicron Impact On Oil Demand

The impact of the Omicron COVID variant on global oil demand will be mild and short-lived, OPEC said on Monday, leaving its 2021 and 2022 demand growth forecasts unchanged. In its closely-watched Monthly Oil Market Report (MOMR), the cartel suggested today that recent fears of Omicron slashing oil demand significantly may be unfounded. “The impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better equipped to manage COVID-19 and its related challenges. This is in addition to a steady economic outlook…