What could the new Covid variant mean for the global oil market? The new Omicron variant of Covid-19 could cost the global oil market as much as 2.9 million barrels per day of demand in the first quarter of next year, bringing total demand down to 95.7 million barrels per day, if it triggers more lockdowns or restrictions. That’s according to Rystad Energy, which warned that, if the variant spreads rapidly, oil demand could fall by 1.3 million barrels per day, to 97.8 million barrels per day, in December 2021 and by 4.2 million barrels per day, to 94.2 million barrels per day, in January 2022. The company noted, however, that as countries and governments learn to live with the Omicron variant, or vaccine manufacturers adapt existing shots to counter the variant, the full-year impact will likely be less severe. Average 2022 demand would fall to 98 million barrels […]