Energy

Omicron Covid variant to dent global demand for oil, IEA says

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A tanker truck drives past oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021.

David Paul Morris | Bloomberg | Getty Images

Demand for oil is set to be lower than expected next year, the International Energy Agency said Tuesday, as it revised down its outlook by 100,000 barrels per day for both the remainder of this year and 2022.

In its Oil Market Report, the IEA said global oil demand was now expected to rise by 5.4 million barrels per day in 2021 and 3.3 million barrels per day in 2022 to hit pre-pandemic levels of 99.5 million barrels per day globally.

But the recovery is expected to be affected by a new surge in Covid-19 cases, with…



Source cnbc.com

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