OIL AND CHEMICALS
OPEC, Omicron, and oil demand
Published 13. Dec 2021 4:08 PM
While the colder seasons have officially arrived and the greatest of the improvements is yet to be seen in the tanker rates, a new danger has let many tanker Owners fear a continuation of the red market
It is hard to tell what outcome the new variant will have, but since more European countries have started to implement restrictions again, some do fear that lockdowns and travel restrictions would be the next in line (after the holidays). However, OPEC is among the first to forecast a higher oil demand in Q122 than previously expected, which is mainly due to much of the demand expected for Q421 has been pushed to 2022 instead. While many politicians don’t dare to predict the outcome yet, OPEC expects the omicron impact to be mild and short-lived. OPEC also recently agreed to increase their output by 400,000 bpd in January and in addition we saw that in November OPEC reported an increase in oil supply by 290,000 bpd.
There are trends pointing in both directions for the tanker market and our outlook for December remains neutral.
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