The IEA raised its demand growth estimates by 200,000 bpd for both 2021 and 2022 The market is tighter than expected, the agency said, but still warned that there would be a surplus in the first quarter of 2022 In November, OECD total industry stocks were down by 354 million barrels from a year ago and at their lowest level in seven years Global oil demand defied gloomy expectations from a month ago to withstand the Omicron wave with much less disruption than expected, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimates by 200,000 bpd for both 2021 and 2022. Demand increased by 1.1 million bpd to 99 million bpd in the fourth quarter of 2021, defying expectations of a serious hit to consumption due to the Omicron wave, the IEA said in its Oil Market Report (OMR) for January today. A month ago, […]