OPEC describes omicron strain’s impact on oil market as moderate and short-lived

The spread of the new omicron coronavirus will not have a significant impact on the rate of oil consumption, OPEC said in its December report.

"The impact of the new omicron strain is expected to be moderate and short-lived, as the world is already better equipped to deal with COVID-19. This is in addition to robust economic prospects in both developed and developing countries," the document says, Report informs, citing TASS.

In addition, the carter left unchanged the forecast for growth in oil demand in 2021 and 2022 at the level of 5.7 million barrels and 4.2 million barrels per day, respectively, against the backdrop of a moderate recovery in the global economy.

"The recovery in demand, previously expected in the fourth quarter, is shifting to the first quarter of 2022. This will be followed by a more stable recovery throughout 2022," the report adds.