Global oil demand could see downside risks due to the Omicron variant, the U.S. Energy Information Administration (EIA) said on Tuesday, slashing its world oil consumption forecasts for both 2021 and 2022. In its Short-Term Energy Outlook (STEO) for December, the EIA now sees global oil consumption averaging 96.91 million barrels per day (bpd) this year, down by 620,000 bpd compared to last month’s forecast of 97.53 million bpd. Next year, world petroleum consumption is set to rise by 3.7 percent from 2021, up from the 3.4-percent growth estimated in November. EIA forecasts that global oil consumption will increase by 3.5 million bpd in 2022 compared to 2021. However, the EIA’s estimate of average global oil demand in 2022 is now revised down to 100.46 million bpd, down by 420,000 bpd from 100.88 million bpd demand expected in last month’s STEO. The EIA revised down its forecast of global […]