OPEC STEO: Maintains 2021, 2022 oil demand growth forecasts, expected Omicron impact to be mild, short-lived

In its latest Short-Term Energy Outlook (STEO), the Organisation of Petroleum Exporting Countries (OPEC) left its oil demand growth forecasts for 2021 and 2022 unchanged at 5.65M barrels per day and 4.15M barrel per day respectively. The group said it expected the impact of the Omicron Covid-19 variant to be mild as the world continues to adapt to the presence of the pandemic. 

Market Reaction

Crude oil prices continue to chop within recent ranges, with WTI moving lower towards $71.00, with eyes on this week's Iran/Western power discussions about a return to the 2015 nuclear deal.