Omicron won't reverse oil demand recovery, IEA says

• "New containment measures put in place to halt the spread of the virus are likely to have a more muted impact on the economy versus previous COVID waves, not least because of widespread vaccination campaigns."

By the numbers: The IEA now sees global demand this year at 5.4 million barrels per day (mbd) above 2020's COVID-battered levels, and rising another 3.3 mbd next year to reach pre-pandemic levels.

• Both tallies are 100,000 barrels per day less than prior projections.

The big picture: Overall, IEA continues to see a softening supply-demand balance heading into next year as production growth comes from the U.S., Canada, Brazil and OPEC+.