In the December Monthly Oil Market Report, OPEC said the impact of Omicron is projected to be “mild and short-lived, as the world becomes better equipped to manage COVID-19 and its related challenges.”
“Some of the recovery previously expected in the fourth quarter of 2021 has been shifted to the first quarter of 2022, followed by a more steady recovery throughout the second half of 2022,” OPEC said.
OPEC expects oil demand to average 99.13m bpd in Q2 of 2022, up 1.11m bpd from its forecast last month.
