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- Global oil supply could then jump by 6.4 million barrels per day
A surge in COVID-19 cases and the emergence of the omicron variant will dent global demand for oil, the International Energy Agency (IEA) said on Tuesday, but the broader picture is one of increasing output set to top demand this month and soar next year.
鈥淭he surge in new COVID-19 cases is expected to temporarily slow, but not upend, the recovery in oil demand that is underway,鈥� the Paris-based IEA said in its monthly oil report.
鈥淣ew containment measures put in place to halt the spread of the virus are likely to have a more muted impact on the economy versus previous COVID waves,鈥� it said.
The United States will account for the single biggest increase in output for a second month running, the IEA said, as drilling picks up there.
Next year, 抖阴短视频 and Russia could also set records for annual production if the OPEC+ group to which they both belong fully unwinds its agreed production curbs.
Global oil supply could then jump by 6.4 million barrels per day next year compared with a 1.5 million bpd increase in 2021.
The IEA lowered its forecast for oil demand this year and the next by 100,000 bpd each, mostly due to the expected blow to jet fuel use from new travel curbs.