Omicron impact aside, oil supply set to top demand -IEA – Reuters

Omicron impact aside, oil supply set to top demand -IEA – Reuters

LONDON, Dec 14 (Reuters) - 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.

"The surge in new COVID-19 cases is expected to temporarily slow, but not upend, the recovery in oil demand that is underway," the Paris-based IEA said in its monthly oil report.

"New 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," it said.