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Illustration: Aïda Amer/Axios

The International Energy Agency said that rising COVID cases are likely to "temporarily slow, but not upend" the global oil demand recovery.

Driving the news: The agency's closely watched monthly analysis this morning slightly cut demand growth estimates for this year and 2022, but overall said:

  • "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+.

Go deeper

Hope King, author of Closer
Jan 14, 2022 - Economy & Business

Record level consumer demand drops as high prices surge

Data: FRED; Chart: Thomas Oide/Axios

Record levels of consumer demand are petering out as high prices cut into wages and add to household worries.

Why it matters: Shoppers will hold off on buying if goods get too expensive — a trend that if big enough could slow down economic growth.

Scoop: Stephanie Ruhle to replace Brian Williams on MSNBC

Photo: Nathan Congleton/NBCU Photo Bank/NBCUniversal via Getty Images via Getty Images

MSNBC will soon announce plans to move morning anchor Stephanie Ruhle to the 11 pm ET hour that Brian Williams turned into an elite destination, two sources familiar with the move tell Axios.

Details: The 9 am ET hour, currently hosted by Ruhle, will become part of MSNBC's flagship morning show, "Morning Joe," which currently runs from 6 am to 9 am ET.

Oath Keepers leader denied bail on Capitol riot sedition charge

Oath Keepers co-founder Elmer Stewart Rhodes. Photo: Susan Walsh/AP

A federal judge ordered Oath Keepers leader Stewart Rhodes to remain jailed Wednesday until trial on charges stemming from the Capitol riot.

Why it matters: The judge said the most prominent far-right figure charged in the Jan. 6, 2021, insurrection had access to weapons and his alleged "continued advocacy for violence against the federal government" gave credence to prosecutors' view that, if released, Rhodes could endanger others.