OPEC Confident About Oil Demand Despite Omicron Cases

While the IEA believes Omicron will dent global oil demand, OPEC remains confident that demand will continue to bounce back strongly from its pandemic lows.Chart of the Week- Despite fears of Omicron playing a large role in markets and the media, OPEC raised its global oil demand forecast for Q1 2022 this week, arguing that Omicron would only have a mild and brief impact. - In its monthly report, OPEC expects world oil demand to average 99.1 million b/d over January-March 2022, more than 1 million b/d higher than its forecast a month ago.…