Rystad Energy’s head of oil markets, Bjornar Tonhaugen, offers his insight. Real-time transportation data globally suggests there has not been any significant impact on oil demand so far from Omicron. That’s what Rystad Energy’s head of oil markets, Bjornar Tonhaugen, said in an oil market report sent to Rigzone on Tuesday, adding that, for now, the Omicron risk remains exactly that, “a risk”. “Instead of an outright deeper lockdown impact, market balances will remain somewhat tight for January and February and keep oil prices supported, especially with supply side concerns and a disciplined OPEC+,” Tonhaugen stated. In the report, Tonhaugen noted that ongoing outages in Libya, struggling production recovery in Nigeria, and reduced expectations for Russian production capacity add “bullish weight” to the scale from the supply side. On November 26, 2021, the World Health Organization (WHO) announced that it had designated the B.1.1.529 strand as a variant of […]