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International Energy Agency predicts volatile year for oil market

The International Energy Agency (IEA) is predicting that the oil market could face another volatile year but says demand is surging higher as the sector has weathered the impact of the Omicron COVID-19 variant.
 
The IEA revised its demand estimates, saying it increased by 5.5 million barrels per day in 2021 and would grow by 3.3 million barrels per day in 2022, which is 200,000 higher than its previous estimate.
 
This will take total demand above pre COVID-19 levels in 2022, at 99.7 million barrels per day.


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