No One Knows What’s Next For Oil Demand

The last two weeks saw three major energy organizations release their outlooks for the immediate future of oil demand. While sometimes these outlooks largely align in their projections on demand, this time, as sometimes happens, they diverged. The three organizations are OPEC, the International Energy Agency, and the U.S. Energy Information Administration. OPEC was first. The cartel released its latest Monthly Oil Market Report last week, expecting a mild effect of the Omicron variant of the coronavirus on oil demand and therefore leaving its demand…