AVN 65.20 Increased By ▲ 0.25 (0.38%)
BAFL 30.74 Decreased By ▼ -0.77 (-2.44%)
BOP 4.80 Increased By ▲ 0.01 (0.21%)
CNERGY 3.71 Decreased By ▼ -0.13 (-3.39%)
DFML 14.21 Decreased By ▼ -0.20 (-1.39%)
DGKC 41.05 Decreased By ▼ -0.55 (-1.32%)
EPCL 46.45 Decreased By ▼ -0.25 (-0.54%)
FCCL 11.40 Increased By ▲ 0.11 (0.97%)
FFL 5.05 No Change ▼ 0.00 (0%)
FLYNG 5.80 Decreased By ▼ -0.02 (-0.34%)
GGL 10.33 Decreased By ▼ -0.12 (-1.15%)
HUBC 66.87 Increased By ▲ 1.23 (1.87%)
HUMNL 5.71 Increased By ▲ 0.05 (0.88%)
KAPCO 27.76 Increased By ▲ 0.01 (0.04%)
KEL 2.20 Increased By ▲ 0.05 (2.33%)
LOTCHEM 24.90 Increased By ▲ 0.55 (2.26%)
MLCF 21.44 Decreased By ▼ -0.04 (-0.19%)
NETSOL 83.60 Decreased By ▼ -1.19 (-1.4%)
OGDC 85.90 Decreased By ▼ -1.35 (-1.55%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.22 No Change ▼ 0.00 (0%)
PPL 74.48 Decreased By ▼ -1.22 (-1.61%)
PRL 13.43 Decreased By ▼ -0.22 (-1.61%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.40 Decreased By ▼ -0.93 (-2.25%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.40 Decreased By ▼ -0.24 (-1.53%)
TRG 111.41 Decreased By ▼ -0.29 (-0.26%)
UNITY 13.75 Decreased By ▼ -0.23 (-1.65%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Follow us

PARIS: The oil market could face another volatile year but demand is surging higher as the sector has weathered the impact of the Omicron coronavirus variant, the International Energy Agency said Wednesday.

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 bpd in 2022 -- 200,000 bpd higher than its previous estimate.

This will take total demand above pre-Covid levels in 2022, at 99.7 million barrels per day.

While Covid cases have soared, "measures taken by governments to contain the virus are less severe than during earlier waves and their impact on economic activity and oil demand remain relatively subdued", the IEA said.

World risks more years of high energy prices: IEA

But the agency, which advises governments on energy policy, said supply growth expectations were being tempered by "disruptions and production shortfalls" by some members of the OPEC+ group of top oil producers.

"If demand continues to grow strongly or supply disappoints, the low level of stocks and shrinking spare capacity mean that oil markets could be in for another volatile year in 2022," the IEA said.

Oil prices tanked as the pandemic emerged in 2020, but have recovered since then, reaching their highest levels in more than seven years on Tuesday.

Comments

Comments are closed.

IEA warns of potential volatile year for oil market

The great fall continues: rupee settles at new all-time low against US dollar

Imran Khan decides against contesting by-elections on 33 NA seats

Cotton arrival plunges 36% year-on-year

2 terrorists killed in North Waziristan: ISPR

India’s Adani denies rise due to Modi as shares slump again

Sindh Police registers FIR against Sheikh Rashid in Karachi

Indian police arrest 1,800 men in crackdown on underage marriage

Chinese spy balloon flies over the United States, Pentagon says

Saudi Arabia links oil refinery’s setup with political consensus

Rules notified: FBR, banks can share info about civil servants’ assets