Highlights IEA raises 2021, 2022 demand forecasts by 200,000 b/d Global oil demand to average 99.7 million b/d in 2022 Cautions over the potential for volatile oil market this year Global oil demand is set to surpass pre-pandemic levels in 2022 as fears over the latest coronavirus wave subside, creating the potential for another “volatile” year of oil prices, the International Energy Agency said Jan. 19.

In its monthly oil market report, the IEA raised its demand estimates by 200,000 b/d for both 2021 and 2022, to reflect clear signs that impact on economic activity and oil demand from the omicron variant remained “relatively subdued.” World oil demand was seen rising by 5.5 million b/d in 2021 and by 3.3 million b/d in 2022, the IEA said, surpassing its pre-pandemic levels by 200,000 b/d to 99.7 million b/d. […]