The impact of the Omicron COVID variant on global oil demand will be mild and short-lived, OPEC said on Monday, leaving its 2021 and 2022 demand growth forecasts unchanged. In its closely-watched Monthly Oil Market Report (MOMR), the cartel suggested today that recent fears of Omicron slashing oil demand significantly may be unfounded. “The impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better equipped to manage COVID-19 and its related challenges. This is in addition to a steady economic outlook in both the advanced and emerging economies,” OPEC said in its report. The organization revised down slightly its demand forecast for this quarter, mostly to account for COVID-19 containment measures in Europe and the potential impact of the new Omicron COVID-19 variant. However, OPEC kept its full-year demand growth estimate unchanged from last month’s assessment of growth of 5.7 million […]